According to the Commodity Market Analysis System of SunSirs, the price of pure benzene had slightly decreased this week. On May 29th, the price of pure benzene was 6,572 RMB/ton, and on Friday (May 26th), the price of pure benzene was 6,502 RMB/ton, a decrease of 2.44% compared to last week and a decrease of 29.07% compared to the same period last year.
Analysis review
This week, the price of Sinopec pure benzene remained stable at 6,500 RMB/ton (prices in Shandong and Hebei regions were synchronized)
Market outlook
Crude oil stopped falling and rebounded, which is expected to support market sentiment. It is expected that East China pure benzene will fluctuate and consolidate in the morning.
There is a high probability that the US cap agreement will eventually pass smoothly, and the Federal Reserve may suspend interest rate hikes in June, and oil prices in international increased. NYMEX crude oil futures contract 07 rose by 70.10 US dollars per barrel, or 2.95%, by 2.01 US dollars per barrel; ICE oil futures for the month 08 contract increased by 74.28 US dollars/barrel, or 2.31%, to 1.68 US dollars/barrel. The main contract for China INE crude oil futures 2307, fell 8.5 RMB/ton to 500.9 RMB/ton/barrel, and rose 12.1 RMB/ton to 513 RMB/ton/barrel in overnight trading.
Core logic: on June 1, the transaction of pure benzene improved, and the price was firm. The downstream replenishment of spot goods had been completed recently, with inventory consumption being the main factor, and spot prices falling. The spot transaction of pure benzene in East China was between 6,520 and 6,560 RMB/ton, while in Shandong, it was between 6,400 and 6,560 RMB/ton.
