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SunSirs: The Favorable Factors Lead to A Sharp Rise in PE Market near the End of November
December 01 2020 10:35:51SunSirs(Selena)

According to the data monitoring of SunSirs, the average ex-factory price of LLDPE (7042) in East China was 7,750.00 RMB/ ton on November 22 and 8,266.67 RMB/ ton on November 27, up 6.67% during the week and 9.98% higher than that on November 1. The average ex-factory price of LDPE (2426h) was 11,300.00 RMB/ ton on November 22 and 12,375.00 RMB/ ton on November 27, up 9.51% in the week and 18.56% higher than November 1. The average ex-factory price of HDPE (5000S) was 8,433 RMB/ ton on November 22 and 8,700.00 RMB/ ton on November 27, up 3.16% in the week and 4.40% higher than that on November 1.

Near the end of November, the three major varieties of PE spot market showed an overall upward trend last week (11.23-27), among which high pressure was the leader, and the rise rate was the most prominent, with the East China area around 1050 RMB/ ton. Varieties in East China rose by about 300 RMB/ ton, followed by low-pressure varieties by about 550 RMB/ ton.

Near the end of November, the three major varieties of PE spot market showed an overall upward trend last week (11.23-27), among which high pressure was the leader, and the rise rate was the most prominent, with the East China area around 1,050 RMB/ ton. Varieties in East China rose about 300 RMB/ ton, followed by low-pressure varieties about 550 RMB/ ton.

Last week, the international crude oil continued to rise, the news was good for the market. In addition, the futures market rose first and then fell during the week, which brought some support to the market. The ex-factory price of petrochemicals was mainly adjusted. The business mentality was good, and the market price was higher. In the aspect of supply, the quantity of imported resources in Hong Kong was tight at the end of November, high pressure and linear transaction were better, low pressure had no obvious improvement, and inventory was not high.

On November 27, the opening price of PE futures 2101 was 7,850, the highest price was 8,010, the lowest price was 7,820, the closing price was 7,970, the previous settlement price was 7,935, and the settlement price was 7,900. The trading volume was 332,996, the position was 250,857, and the daily increase was 5,055. (unit: RMB/ ton)

At present, the futures market is falling down, which is of limited benefit to the market. Moreover, with the price rising to a relatively high level, the downstream resistance increased, and the market transaction atmosphere became weak. In terms of demand, the agricultural film operating rate declined, and the price continued to rise without motivation. Although the petrochemical inventory is at a low level and the price is relatively strong, the business offer has fallen. China PE market is expected to fall in the short term.

 

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