PVC: Futures fell slightly and approached the annual low, the technical closing line was short, and spot fell mainly.

Analysis of PVC futures: On November 27, the opening price of the V2501 contract: 5246, the highest price: 5248, the lowest price: 5204, the position: 933583, the settlement price: 5223, yesterday's settlement: 5245, down 22, the daily trading volume: 691790 lots, the accumulated funds: 3.422 billion, and the capital inflow: 1.29 million.

Comprehensive price list by region: RMB/ton

PVC spot market: Mainstream transaction prices in China's PVC market fell slightly, and spot prices were performing poorly on the market. Comparison of valuation: North China fell by 10-20 yuan/ton, East China fell by 20-40 yuan/ton, South China fell by 20 - 40 yuan/ton, Northeast China fell by 20 yuan/ton, Central China fell by 20 yuan/ton, Southwest China fell by 20 yuan/ton. The ex-factory quotations of some upstream PVC production companies have begun to be lowered one after another. The price adjustment ranges are basically 20-40-50 yuan/ton, and contracts are mainly signed in small quantities. Futures were running sideways at a low level, and the low point was refreshed again. The price offered by merchants in the spot market fell slightly compared with yesterday. Under the current two quotation models, point-price offers have certain advantages, including the basis offer in East China 01 contract-(130-170), South China 01 contract-(80), and Northern China 01 contract-(350-400-460), some supplies in Southwest China shipped 01 contract-(610). Overall, today's spot market is operating weakly. Under the advantage of basis offers, the downstream part replenished goods on dips, and transactions on the spot market were flat.

From a futures perspective: The night futures price of the PVC2501 contract continued to show high opening and low. The futures price showed a significant downward performance at the opening, and was subsequently consolidated at a low level. There was no significant directionality in early trading and late prices, and continued to fluctuate slightly in the afternoon until the end. The 2501 contract fluctuates from 5204 to 5248 throughout the day, with a spread of 44. The 01 contract has increased its position by 1952 lots. As of now, 933583 lots have been held. The 2505 contract has closed at 5536, with 228034 lots held.

PVC market outlook forecast:

Futures: The low point of PVC2501 contract futures continues to refresh, with today's lowest point of 5204 once approaching the previous low of 5159 for the main consecutive contract. The price of night trading on the market dropped significantly. In terms of transactions, 24.4% were open and 22.4% were open. In small Masukang, it was still mainly open. The downward test of the futures price has made the technical closing line slightly empty. The technical level shows that the three tracks of the Bollinger Band (13, 13, 2) are open downward. Today, it still presents a negative column with a longer lower shadow line, but the low point penetrates the lower track. At present, there is insufficient guidance from all parties in the market, and we only rely on our own fundamentals to show weakness. In the short term, we still believe that the fluctuation of futures prices is mainly low, observe the fluctuation range of the low range of 5180-5300, and be wary of the previous lows. 5159.

In terms of spot: China's PVC spot market continues to decline. As of now, the PVC ex-factory price has returned to the low range. In terms of PVC fundamentals, the calcium carbide ex-factory price at the PVC cost port of the calcium carbide method has declined slightly. The weak trend of PVC has also restricted the calcium carbide market. The PVC supply port has not changed much, and the start-up load remains high and stable. The seasonal off-season demand downstream of the demand port is expected to weaken significantly. The current PVC social inventory is still at a high level, but the PVC export port remains constant. There is a certain supplement to weak domestic demand. At present, policy ports and macro expectations are not good, and there are no clear supporting factors in the near future. The overall commodity culture index is also in a downturn. Therefore, the PVC spot market lacks sufficient guidance in the short term, and the basic market trend of its own fundamentals may still It is difficult to get rid of the trend of low and narrow consolidation.