Last week (20240502-0509), the capacity utilization rate of polypropylene increased by 0% compared with the previous week.No1casino.22% to 75%No1casino.54%. Demand sideNo1casinoThe average start-up of downstream industries in PP fell 0.6 percent to 51.56 percent, 5.79 percent higher than the same period last year. In terms of inventory, China's total commercial inventory of polypropylene was 802900 tons, an increase of 109600 tons over the previous period, and + 15.81 per cent month-on-month. Structurally, polypropylene production enterprise inventory, trader inventory and port inventory all show a rising trend, and the elimination is slow. On the cost side, the theoretical cost of oil-based PP is 8661 yuan / ton, compared with-338 yuan / ton last week, and the theoretical cost of coal-based PP is 7850 yuan / ton, compared with last week + 221yuan / ton. Polypropylene is weakened in the short term under the influence of supply recovery growth + weakening demand + crude oil decline, but it is expected that Q2 inventory will be eliminated, cost support is strong, and spot transactions are good after falling. Pay attention to the maintenance situation in May, and the estimated PP2409 contract maintenance range is 7500 to 7700 shocks, and the operation is treated on the interval.

Researcher: Cai Yuehui

Futures qualification number: F0251444

Futures investment consulting certificate number: 20013101

Assistant researcher: Li Qiurong

Futures qualification number: F03101823

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