PP Spot Down, Oil Rebound
Domestic petrochemical inventory: The inventory of polyolefins of the two oils is 840,000 tons, an increase of 45,000 tons from last week.
Futures analysis: On May 26, PP2509 opened at 6945, the highest price was 6979, the lowest price was 6915, the position was 492604, the settlement price was 6943, the settlement price yesterday was 6977, the decline was 34, the daily trading volume was 302283 lots, the deposited funds were 2.389 billion, and the capital inflow was 93.78 million.
Market mainstream quotes for wire drawing:
Domestic spot market analysis: Today, the domestic PP market as a whole showed a downward trend, and the market prices in all regions fell across the board, with a decline of 10-100 yuan/ton. In terms of price: the mainstream price of domestic polypropylene ranged from 7030 to 7310 yuan/ton.
On the cost side, the crude oil market was affected by the decline in the US dollar exchange rate and the arrival of the US summer travel peak season. International oil prices rebounded, and the on-site PP equipment was concentrated for maintenance, so the supply pressure was not great.
However, the downstream demand was not good, and the PP futures market rose first and then fell. The spot market mentality was mainly wait-and-see.
Analysis of the domestic futures market: The night trading price of the PP2509 contract fluctuated upward; after opening in the morning, it fell to the intraday low of 6915 and then rose slightly; in the afternoon, the futures price was sideways in a small range until the end.
As of today's afternoon closing, the PP2509 contract fluctuated between 6947 and 7004 throughout the day, with a spread of 57.09 contracts increased by 20,629 lots, and the current position was 492,604 lots.
Forecast for the future market: In terms of raw materials, the crude oil market may be affected by the weakening of US tariff policy pressure, the instability of the geopolitical situation, the start of the US summer travel peak, and the interweaving of negative factors such as OPEC+ maintaining its position to increase production and weak global crude oil demand.
It is also necessary to pay attention to the impact of related changes on international oil prices. On the supply side, the positive effects of the PP unit maintenance on the market this week are expected to be gradually digested, and the impact of the unit shutdown may continue to decline.
On the demand side, it is expected that subsequent e-commerce platform promotion activities will be intensively launched, coupled with the holiday consumption boom, and downstream new orders are expected to usher in a small increase, and the start-up level may continue to rise. Overall, it is expected that the polypropylene market will fluctuate in the short term.
Domestic PP Index: According to Tuduoduo data, the domestic PP spot index on May 26 was 7126.00, down 30, a range of 0.42%.
Guoneng auction statistics: Guoneng Coal Chemical's auction volume today was 1,514 tons, a decrease of 30.99% from yesterday; the transaction volume was 774, a decrease of 22.60% from yesterday, and the transaction rate was 51.12%, an increase of 5.54% from yesterday.
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