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[FREE] China Morning Snapshot – 26 October 2021[FREE] China Morning Snapshot – 26 October 2021 |
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Major contracts on Dalian Commodity Exchange settled the morning session in the red as traders continue to search for potential support to halt the current downtrend.
Details on the spot and futures prices are shown in the following table:
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26 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 8804 |
USD 1222 |
-CNY 136 |
-USD 21 |
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LLDPE 2201 |
CNY 8990 |
USD 1247 |
-CNY 130 |
-USD 20 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8700-8900 |
USD 1207-1234 |
-CNY 100-200 |
-USD 16-31 |
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LLDPE (North China) |
CNY 9050-9200 |
USD 1255-1276 |
-CNY 50-100 |
-USD 8-16 |
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**All USD equivalent prices are exclusive of 13% VAT |
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Day-on-day basis, the total stocks at Sinopec and CNPC’s warehouses fell 20,000 tons to approximately 820,000 tons as of 26 October 2021.
While the weak Dalian Commodity Exchange continues to impact the domestic spot market, PP converters are more willing to make replenishment today. A number of local traders informed CommoPlast of having achieved deals in both local and export ground for PP, while transactions for PE remain thin.
“This is a good sign. The market has been falling sharply for two consecutive weeks, returning to the normal levels, hence the down cycle might be nearing the bottom. We are taking this opportunity to deplete more quantity ahead of the month-end closing,” a trader said.
Country
China
