能源化工期货及焦煤钢矿系期货早评

Polyolefins: polyolefins shaking operation.

Monday night trading L2205 closed up 0.27%, PP2205 closed down 0.22%. Petrochemical devices to reduce the negative strength, domestic production shrinkage is obvious, petrochemical inventory down to neutral, the inverse of the price difference between inside and outside imports closed, the demand side is still disturbed by the epidemic, the situation logistics and production impact is large, supply and demand to maintain a double weak pattern. Cost side, overnight crude oil dip after narrowing the decline, polyolefin valuation low, the cost is still supported. Short-term cost and supply-demand game, pay attention to the situation after the epidemic improvement demand back to fill. Cautiously biased thinking is recommended.

PTA: night trading followed the oil price dip after the shock recovery.

PTA plant load is low, tight supply inventory de-inventory, downstream polyester maintain high start-up, high inventory, the terminal is disturbed by the epidemic demand is weak, the basic supply and demand weak pattern. The situation in Russia and Ukraine eased but there is still uncertainty, oil prices overnight after narrowing the decline, PTA cost support weakened, but the industry chain valuation is still at a low level. Suggest rolling operation based on oil prices.