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May delivery contracts persist on the red zone throughout the morning session, reflecting the effect of weakening energy complex and slower sentiment ahead of the long Lunar New Year holiday. PP contract reduced CNY29/ton ($5/ton) to CNY9503/ton ($1285/ton without VAT) while LLDPE contract dipped CNY95/ton ($15/ton) to CNY9805/ton ($1326/ton without VAT).    

There have not been any major movement in spot ground in spite of continuous falling futures trading. Homo-PP prices in Eastern China are ranging CNY‎‎9400-9550/ton ($‎1271-1292/ton without VAT), EXW China, cash equivalent.

LLDPE film in Northern China remains at CNY9750-9900/ton ($‎1319-1339/ton without VAT), with the same term.

Purchasing interest seems started weaning off with most small-scale converters have suspended replenishment and going off for holiday. This trend might gradually gain speed in the coming week given the fact that many logistic companies are taking off. “It is getting more difficult to attract deal this morning, however, we remain positive about the near term outlook,” a trader said.