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China Morning Snapshot: 04 April 2018China Morning Snapshot: 04 April 2018 |
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Dalian Commodity Exchange starts the trading day on rather soft notes, however, managed to recover most of the loses toward the break time. PP contract concluded morning session with CNY34/ton ($5/ton) increased to CNY8836/ton ($1201/ton without VAT) and LLDPE down CNY55/ton ($9/ton) to CNY9205/ton ($1251/ton without VAT).
Trading activities in local ground remain largely stable from the previous trading, and so spot PP and PE prices. Homo-PP in Eastern China stands at CNY8700-8800/ton ($1182-1196/ton without VAT).
LLDPE film in Northern China traded in the range CNY9250-9400/ton ($1257-1277/ton without VAT), all based on EXW China, cash equivalent.
Total PP and PE inventories at major domestic producers’ warehouses fell another 50,000 tons to approximate 830,000 tons as of 4 April 2018. Converters are still out looking for best deals and with reduced sales pressure, traders are rather optimistic about the outlook for the coming week.