Second quarter domestic demand for plastics into the off-season
Edit： Browse：2500 Date：2017-03-21
On the macro side, the Sino US economy continues to improve, but the slowdown in the euro zone economy continues to shrink. Domestic manufacturing sector in March, PMI, the purchase price index fell from 55.5 to 50.6, raw materials (market area) inventory index fell from 49.5 to 47.5, finished goods inventory increased from to 50.2.
These data show that: 1, the end of the consumer led to the production of finished goods inventory rose; the second, the increase in inventory of finished goods and raw material prices fell so that companies go to stock. This situation will not change in the two quarter.
No improvement in the euro area, the U.S. economy continues to expand, but the slowdown. In March, nonfarm employment only 88 thousand, significantly lower than the three quarter of last year the average monthly 187 thousand magnitude, the employment participation rate also dropped to 63.3% lows; although prices are still rising, but the National Association of home builders index has declined for 2 consecutive months; the United States bank (market area) loan growth in January fell again in particular, part of the mortgage. Therefore, under the influence of the US deficit reduction act, the growth momentum of the United States is disappearing.
Monetary policy, the central bank will try to reduce the interest rate / deposit rate adjustment, but continue to be positive / reverse repurchase to maintain the overall liquidity adjustment. In the case of inflation pressure is not small, the market is expected to continue to be in a state of balance.
From crude oil inventories, crude oil CFTC positions look, are facing upward pressure. And the recent three crude oil institutions continued to cut this year's oil demand is expected. Three institutions are not optimistic about the market outlook. Therefore, the downward pressure on crude oil. PE supply and demand side: enter April, the domestic petrochemical enterprise equipment maintenance situation will continue to increase, but if the Daqing petrochemical in April drove, will be part of the supply side to reduce the positive. Demand side, the current downstream enterprises operating rate is still the second quarter of the traditional demand off-season, downstream manufacturers on-demand procurement.