Home Business Methanol Futures and Options Weekly Report: Weakening Fundamentals, Methanol Performance Is Down

Methanol Futures and Options Weekly Report: Weakening Fundamentals, Methanol Performance Is Down

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Original Title: Weekly Report on Methanol Futures and Options: Weakening Fundamentals, Methanol’s Depressed Performance


Methanol futures rose and fell interactively. The top ten-day moving average was under pressure, and the center of gravity fluctuated and fell. It fell below the 2530 first-line support and stepped back to the 2500 mark to temporarily stop the decline. The disk showed a horizontal extension.Main forceThe contract fell 2.34% weekly. From the perspective of the weekly K line, the downward space for methanol is limited. The domestic methanol spot market is weak and the atmosphere is sluggish. The price centers of coastal and inland areas are weak and loose, and the low-price supply of the market has increased. Affected by the shutdown of some integrated olefin supporting methanol plants in Northwest China, the industry’s start-up level has dropped significantly, and methanol production has remained stable on the whole. The maintenance plan of some companies was postponed to June, but due to the inconcentration of maintenance time, it is difficult to cause a tight supply of goods. The quotations of companies in the main producing areas continued to decrease, with some negotiations in the northern line of Inner Mongolia at RMB 2050/ton, and some negotiations in the southern line at RMB 2050/ton, a decrease of RMB 150/ton. After the price adjustment, some manufacturers signed orders smoothly and shipments were relatively stable. However, upstream coal prices rebounded strongly, and the pressure on enterprise production increased. Due to the relatively abundant supply of methanol and the limited support from the supply side, companies have no intention of raising prices for the time being. Judging from the performance of the downstream market, the rigid demand for methanol is steadily declining. The average operating load of the coal (methanol)-to-olefin plant is 79.05%. The two MTP plants of Shenhua Ningxia Coal have been shut down for maintenance, and the extension of the China Coal Plant has restarted. The level of olefin operation is still significantly lower, which is less than 80%. Entering the high temperature off-season, the performance of traditional demand industries has weakened, and the start of dimethyl ether, MTBE and acetic acid has all declined, and formaldehyde has maintained its early low-load operation. Imports of cargoes arriving at downstream factories in early and mid-June increased, and raw material inventories continued to accumulate. The current methanol port inventory is less than 800,000 tons, which is relatively low. The pressure is not great for the time being, and it will slowly rise in the later period. The methanol market supply is stable, while demand has fallen. The fundamentals are unlikely to improve significantly. The main contract continues to fluctuate within the range. The futures price may test the support of the 2500 mark in the short-term or repeatedly.

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(Source: Founder Interim Futures)

(Editor in charge: DF398)

Solemnly declare: The purpose of this information released by Oriental Fortune.com is to spread more information and has nothing to do with this stand.


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