SunSirs: The Domestic Market Dynamics of Toluene on May 5
May 06 2023 10:26:07 SunSirs (John)
Fluctuation trend:
Analysis and comments:
In terms of crude oil, OPEC+ will implement a production reduction plan in May, and crude oil supply is expected to tighten; On May 4th, the Federal Reserve raised interest rates by 25 basis points as scheduled, and Powell hinted in his press conference speech that the rate hike would be suspended. However, concerns about the demand outlook remained in the market; On May 1st, the First Republic Bank of the United States went bankrupt, and the banking crisis hit again, spreading market panic; Recently, there was a strong macro risk aversion sentiment, with international crude oil plummeting and a weak market mentality. The basic support for toluene was insufficient, mainly operated weakly. The quotation for toluene in various regions in China fell by 100 RMB/ton on the 5th.
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