Ruida Futures: plastic slightly down short-term concern below the support level

disk situation: Today, even plastic 1705 contract shocks closed down, opening reported 9650 yuan / ton, the highest 9765 yuan / ton, the lowest to 9510 yuan / ton, closing 9620, down 115, down 1.18 percent, volume increased to 510,700
Hand, open positions increased by 17,442 to 34.60 million hands.
11, the port stocks have dropped, but because of the decline is limited, the main port warehouse capacity is still tense, as of February 24, Shanghai port inventory fell to 274,000 tons; Huangpu port inventory remained at 71,000 tons;
Tianjin port inventory of 70,000 tons.
Japan’s naphtha CF Japan reported 510.25 yuan / ton, up 2.75; naphtha FOB Singapore reported 55.45 US dollars / barrel, up 0.3.
Ethylene CFR Northeast Asia 1375 US dollars / ton, flat; CFR Southeast Asia reported 1145 US dollars / ton, flat.
1121 yuan / ton, down 10, the Middle East reported 1128 yuan / ton, down 10.
The market price is basically flat, North China Daqing 9750 yuan / ton, flat; East China Yuyao Jilin Petrochemical 9850 tons, flat; South China reported 9850 yuan / ton, flat.
Northwest Dushanzi reported 9700 yuan / ton, flat.

point of view Summary: short-term stock pressure is greater, the terminal procurement is not strong, to suppress the market price, but near the end of the month, heard the sale of Sinopec part of the contract company 100% of the implementation of billing this month, affected by this policy, short-term petrochemical inventory pressure
Get a small amount of relief, today Sinopec pricing stabilized, but this part of the stock transferred to the hands of contract traders, the overall social stock pressure is still relatively large, concerned about the late demand and equipment maintenance inventory digestive capacity.
Technically, LLDPE1705 contract shocks fell above the test 9800 near the pressure, the bottom of the first test support 9600, if below 9600, then further look to 9300.

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