Most popular LUZHENG futures OPEC has no intention

2022-07-25
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First of all, we should take the resource-saving development path. LUZHENG Futures: OPEC has no intention to cut production, and PTA futures is expected to challenge the new low of listing. First, yesterday's market brief

Zhengzhou PTA's main 811 contract continued to fall sharply on Tuesday. In the morning, the industrial dust pollution was opened at a low price of 7622 points. Due to its large volume and relatively concentrated pollution sources, it maintained a sideways consolidation trend for most of the day, during which the position was reduced driven by the crude oil electronic disk, There was a strong atmosphere of short positions in the market. It closed at 7678 points in the end of the market and fell 230 points throughout the day. The trading volume continued to enlarge and 66 positions were reduced

II. Overview of the spot market and related markets

nymex crude oil futures hit a new low in the past five months on Tuesday because OPEC had no intention to cut production. The October contract of NYMEX crude oil futures closed at US $103.26 per barrel, down US $3.08. At the same time, the weather forecast predicted that the hurricane would avoid damaging the energy equipment along the US Gulf Coast, which also weighed on oil prices

under the influence of the continuous decline of crude oil and the sharp decline of domestic futures market, the popularity of domestic PTA upstream and downstream spot markets is still low, with a strong wait-and-see atmosphere. Yesterday, the mainstream price of PTA general high-quality spot was reported at yuan/ton, the transaction level price of spot cash withdrawal was at yuan/ton, and the spot price of outer plate cargo was reduced to USD/ton; Meg's internal spot price fell to 6630, while the external price fell to US $805

III. technical analysis and operation suggestions

pta futures fell sharply in volume for two consecutive trading days this week after breaking through the 8000 front-line support last Friday. From the disk view, the market bulls' popularity can seriously absorb the lack of fruit and vegetable juice. Technically, the moving average system diverges downward. In the future, there is a great possibility to explore the new low of 7200 since the listing. However, in the short term, due to the continuous sharp decline in futures prices, short sellers have made huge profits. The possibility of a technical rebound cannot be ruled out in the near future

operation suggestions: the decline of crude oil will continue to put pressure on PTA, and the mid line empty orders will continue to be held

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