20250731-冠通期货-PP_震荡运行_3页_451kb

PP Market Analysis Summary

Overall Outlook:
PP is expected to oscillate due to weak demand, high inventories, and macroeconomic uncertainties.

Key Factors:

• Supply: Producer capacity utilization dropped to 82.5% due to maintenance, slightly lower than average. New production capacity is being added, but recovery is slow.
• Demand: Downstream utilization remains low at 48.45%, with plastic film blowing at 41.2%. Limited orders and slow demand from summer weather contribute to potential pressure.
• Inventory: High levels persist, with domestic chemical stocks at 750,000 tons, above normal.
• Macro: Crude oil prices rose above $72 per barrel due to sanctions. Policy uncertainties, including potential industrial policies and trade risks, add volatility.

Trading Suggestion:
Recommend a 09-01 reverse trade based on current market conditions and anticipated oscillation.

Market Data Highlights:

• Futures: PP2509 showed hesitant trading with a mild decline, closing at slightly lower terms.
• Spot: Prices varied, with some regions rising amid other factors.