Market situation: MA2009 contract opened low and fluctuated, and the futures price closed down. On that day, it closed at 1,660, down 2.87% from the previous trading day; trading volume was 1,405,782, positions were 855,321, - 23,884; basis was -90; MA5-9 price difference -88.
News: according to Longzhong information, as of the week of April 15, the methanol inventory of East China port was 858,900 tons, 1,800 tons less than that of last week; the methanol inventory of South China port was 133,000 tons, 17,900 tons less than that of last week. The inventory of some leading methanol enterprises in the inland area is about 532,700 tons, a decrease of 900 tons or 0.17% compared with the same period last week.
Market quotation: the mainstream price in Northwest Inner Mongolia is 1,375 RMB/ ton, - 15; the mainstream price in East China Taicang is 1,570 RMB/ ton, -25.
Summary: at the supply side, the maintenance of mainland enterprises is not as expected, and the inventory pressure is still obvious. On the port side, the tank capacity of the port is short in the near future, and the port appears to expand the storage, and the port inventory may remain high, but there are still many arrival forecasts. In the downstream, due to the decline of export orders and terminal demand, the start-up was relatively flat, and the downstream demand for formaldehyde continued to decline; in terms of olefins, most of the units in East China operate stably. At present, the units in Zhapu area have been restored to full capacity production, but the 600,000t/ a unit in Nanjing area has been shut down for maintenance. In addition, the cost of oil to olefins has been greatly reduced due to low price crude oil, which affects the economy of methanol to olefins. The MA2009 contract focuses on the support near 1,600 for a short time, and it is recommended to trade in the range of 1,600-1,720.
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