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Market Review
As of June 12, the benchmark price to propylene tracked by SunSirs stood at 8,841.00 RMB/ton, down 3.21% from the beginning of the month (9,134.33 RMB/ton). Throughout the week, the price gradually retreated from 8,997.67 RMB/ton on June 5 to 8,841.00 RMB/ton, reflecting an overall direction of fluctuation with a bearish bias.
Fundamentals and Market Sentiment
A loose supply-demand stability forms the primary backdrop to the current weak price direction. Supply is ample while demand lacks significant momentum, resulting in lackluster market trading activity;
A single-day drop of 1.93% occurred on June 8, reflecting fragile market sentiment;
Prices have recently remained consistently below all major moving averages, indicating a bearish technical alignment and a lack of strength to any rebound.
Market Outlook
Propylene prices are expected to continue fluctuating with a weak undertone in the short term. Should there be no significant improvement in demand or if supply-side pressure persists, prices could possibly decline further.
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