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Futures market remained range bounce morning session. September delivery contract for PP increased CNY37/ton ($6/ton) from the previous day to CNY9272/ton ($1248/ton without VAT). LLDPE contract also gained CNY45/ton ($7/ton) to reach CNY9560/ton ($1287/ton without VAT).    

In fact, latest offers for spot PP and PE added CNY50-100/ton ($8-16/ton) day on day, bringing homo-PP prices to CNY9150-9300/ton ($1232-1252/ton without VAT), EXW China, cash equivalent in Eastern China.

In the Northern market, LLDPE film is offered in the range CNY9650-9800/ton ($1299-1319/ton without VAT) with the same payment and delivery term.  

Local inventory for producers piled up 35,000 tons to 830,000 tons as compared to last Friday. Overall market sentiment this morning were slow, whereby buyers are not eager to place orders, mostly on the wait and see, while some traders claimed to have conclude minimum volume with some converters which purchased on hand to mouth basis. However, producers insisted on firm stance on the support from limited supply due to scheduled maintenances.