Energy and chemical futures and coking coal, steel and ore system futures morning commentary

By    7 Jun,2022

Polyolefins: Insufficient spot follow-through.

Monday night trading plastic 2209 closed down 0.09% and PP 2209 closed down 0.42%. Current imports remain low, the domestic petrochemical start-up is not high, the supply pressure is not much for the time being, short-term macro expectations boost, overlaid with high oil prices cost-driven, polyolefins continue the strong oscillation, but the downstream demand improvement is limited, high-priced raw materials to be digested, the reality of supply and demand to hold the height of the rally, pay attention to the demand is expected to materialize. Suggest that the shock cautiously more ideas.


PTA: the plate follows the raw materials to continue to strengthen.

TA2209 closed up 1.67% on Monday. This week, the PTA plant plans to restart, the market supply ring increase, downstream polyester and loom demand is weak and stable, polyester production and sales release inventory has been de-stabilized. Foreign oil prices high oscillation, PX prices continue to jump, the cost side support is strong. pta plate follow the cost to continue to strengthen, pay attention to the trend of oil prices and industry chain cost-led situation. It is recommended that the low rolling bias ideas.

Rubber: rubber prices may maintain a shock rebound in the near future.

The end of the Dragon Boat Festival holiday, most of the current factory start-ups have resumed, but the overall start-up load rate is not high due to the high factory tire inventory, and demand is difficult to have significant support in the short term. Upstream raw materials, the current slow release of new rubber production and the low level of total rubber inventory are giving strong support to prices, especially the recent natural latex market spot resources are tight. Technically, rubber prices may maintain a rebound. Operation advice: oscillation bias operation.