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China Morning Snapshot – 30 August 2022China Morning Snapshot – 30 August 2022 |
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Most traded PP and LLDPE contracts on Dalian Commodity Exchange ended the morning session with minor gains with support from the surging energy complex. However, the futures market lacks catalysts for a strong rebound.
Details on the spot and futures prices are shown in the following table:
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30 August 2022 |
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 2301 |
CNY 7843 |
USD 1003 |
+CNY 36 |
+USD 5 |
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LLDPE 2301 |
CNY 7727 |
USD 988 |
+CNY 2 |
+USD 0.3 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 7950-8000 |
USD 1017-1023 |
Stable |
Stable |
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LLDPE (North China) |
CNY 7850-8000 |
USD 1004-1023 |
+CNY 50 |
+USD 7 |
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**All USD equivalent prices are exclusive of 13% VAT |
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Data suggested that the total PP and PE stocks at Sinopec and CNPC’s warehouses digested 20,000 tons in the previous day, to 635,000 tons as of 30 August 2022.
Correction: The total stocks were at 655,000 tons on Monday, 29 August 2022. The previous Snapshot reported at 675,000 tons.
Following the two consecutive sessions of the Dalian Commodity Exchange tracking the firming trend, domestic suppliers also attempted to implement small increases in spot cargoes. However, purchasing activities remain mediocre. The market once again facing pressure from a confluence of factors, from the widespread COVID-19 outbreak to electricity rationing, and the weakening economic outlook.
“Buyers would only make small purchases. Trading activities are sluggish even though we do not increase the prices. We are not confident in the market outlook in September,” a trader added.
Country
China
