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Dalian Commodity Exchange registered the first decline after five consecutive climbing sessions as traders lock in profits before the holiday takes place.

Details on the trading results on the futures and spot market by the end of the morning session are shown in the following table: 

Compared to the previous day, total stocks at Sinopec and CNPC’s warehouses fell 35,000 tons to approximately 645,000 tons as of 29 September 2021.

Trading sentiment fell sharply throughout the morning session as the market takes in the declines on Dalian Commodity Exchange. Buyers have replenished comfortable inventories from both local and international suppliers over the past couple of days on the back of better end-product demand. The main concern now is that would the manufacturing sector be allowed to lift operating rates in the post-Golden Week period.

“Given the firm stance from the central government in achieving the climate target, the manufacturing sector might not see much relief in the final quarter of the year. We remain cautiously optimistic that customers would resume replenishment after the long holiday,” a trader added. 

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