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China Morning Snapshot – 09 September 2021China Morning Snapshot – 09 September 2021 |
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Trading sentiment on Dalian Commodity Exchange started to lose momentum with key contracts for January delivery settled the morning session with little changes from the previous day.
Details on the spot and futures prices are shown in the following table:
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09 September 2021 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
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Combined and reported by CommoPlast |
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Dalian Commodity Exchange (Mid-day closing) |
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PP 2201 |
CNY 8505 |
USD 1165 |
+CNY 5 |
+USD 1 |
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LLDPE 2201 |
CNY 8480 |
USD 1162 |
-CNY 5 |
-USD 1 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8500-8600 |
USD 1164-1178 |
+CNY 50 |
+USD 8 |
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LLDPE (North China) |
CNY 8450-8550 |
USD 1158-1171 |
Stable |
Stable |
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**All USD equivalent prices are exclusive of 13% VAT |
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There are no changes in the total stocks at Sinopec and CNPC’s warehouses day-on-day. The latest figures remain at 730,000 tons as of 9 September 2021.
Slower sentiment on the Dalin Commodity Exchange discourages arbitrage traders from off-take additional cargoes, sending the market back to the calming condition. Manufacturers are rushing to send out their export orders before October for the concerns over shipping difficulties.
“Local traders are not confident enough to stock up materials in spite of the continuous hiking coal prices that would sooner or later impact the coal-based petrochemical plants. With manufacturers wrapping up year-end orders for the export market, we have to wait for new orders to come in,” a trader added.
Country
China
