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Dalian Commodity Exchange maintains the firmness by the end of the morning session with September delivery contract for PP jumped three digits in values. Such development continues to support spot market, however, the extent of price increment in spot ground remains limited.   

Details on the spot and futures prices are shown in the following table:

Total inventories at Sinopec and CNPC’s warehouses dropped 40,000 tons day-on-day to approximate 690,000 tons as on 24 July 2018. However, traders are complaining that most of the quantity has been pushed to the distribution market and therefore, the reduction in local producers’ stocks does not reflect the state of demand in the country.

“Converters are still very conservative about fresh buy, except for agricultural film makers in Northern China market. However, the demand shall soon pick up as the manufacturing season shall kick-start by mid of August,” a trader said.