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In a rare event on Dalian Commodity Exchange, September delivery contract for LLDPE has fallen to below that of PP. In fact, LLDPE futures ended the morning session adding only CNY5/ton ($0.8/ton) to CNY9280/ton ($1248/ton without VAT). On the other hand, PP futures fetched larger increases of CNY19/ton ($3/ton) to CNY9291/ton ($1250/ton without VAT). 

Sentiment in local spot market started to see an uptick, with more buyers returning to the market asking for offers. Leveraging the situation, traders implemented CNY50-100/ton ($8-16/ton) increased on the latest offers, bringing homo-PP in Eastern China to CNY9200-9350/ton ($1237-1257/ton without VAT), EXW China, cash equivalent.

Meanwhile, LLDPE film in Northern China stands at CNY9350-9500/ton ($1257-1278/ton without VAT) with the same term. 

Sellers reported achieving better sales results compared to the past several sessions, just yet, buyers are still very cautious about the quantity purchased. As a result, market believed that any further increases might bump into stiff resistance in the coming days.