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China Morning Snapshot – 26 November 2021China Morning Snapshot – 26 November 2021 |
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Most traded contracts on Dalian Commodity Exchange ended the morning session in the red on the concerns over the flare-up of locally transmitted COVID-19 cases and the new variant found overseas.
Details on the spot and futures prices are shown in the following table:
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26 November 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 8220 |
USD 1138 |
-CNY 147 |
-USD 23 |
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LLDPE 2201 |
CNY 8749 |
USD 1212 |
-CNY 152 |
-USD 24 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8300-8600 |
USD 1149-1191 |
-CNY 100 |
-USD 16 |
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LLDPE (North China) |
CNY 8900-9050 |
USD 1233-1253 |
-CNY 100 |
-USD 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 fall 25,000 tons to 605,000 tons as of 26 November 2021.
The lower local inventories literally provide zero support to the pricing as spot offers slipped another CNY100/ton from the previous day. Most domestic suppliers claimed to have achieved the monthly sales target for November while expecting December to remain largely stable.
“Except for the lower inventory levels, we are not seeing strong support for a rebound. We fear the logistic constraints might even affect demand among Southern China customers,” a trader commented.
Country
China
