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[FREE] China Morning Snapshot – 08 October 2021[FREE] China Morning Snapshot – 08 October 2021 |
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[CommoPlast] - Both PP and LLDPE contracts for January 2022 delivery briefly touched the CNY10,000 mark during the early trading hours but retreated slightly by the end of the morning session.
Details on the spot and futures prices are shown in the following table:
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08 October 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 10004 |
USD 1373 |
+CNY 140 |
+USD 22 |
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LLDPE 2201 |
CNY 9735 |
USD 1336 |
+CNY 165 |
+USD 26 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 9950-10050 |
USD 1365-1379 |
+CNY450 |
+USD 70 |
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LLDPE (North China) |
CNY 9750-9950 |
USD 1338-1365 |
+CNY 350-450 |
+USD 54-70 |
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**All USD equivalent prices are exclusive of 13% VAT |
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Throughout the holiday, total stocks at key local producers’ warehouses piled up 250,000 tons to 875,000 tons as of 08 October 2021.
The market opens with a bang. Both traders and converters are active in making replenishment in expectation of a prolonged uptrend, especially with more manufacturers are ramping up operating rates following the disruptive September due to the electricity shortages.
“Many converters did not wait until the market reopens to make replenishment. We have been selling a good quantity over the past couple of days. We think with coal supply improves, demand from downstream would also pick up,” a trader commented.
Country
China
