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China Morning Snapshot - 07 August 2018China Morning Snapshot - 07 August 2018 |
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It appears that the recent firming trend on Dalian Commodity might persist in the near term. This morning, both contracts for PP and LLDPE extended the gains, which continue to boost spot sentiment.
Details on the spot and futures prices are shown in the following table:
The biggest concern among players is that would market sustain the current Bull Run moving forward, especially the trade war between China and the USA does not show any sign of easing.
“Some of our BOPP customers managed to increase end product prices, which might lead to better acceptance of the latest hike in raw materials. At the moment, buyers are rather reluctant,” a trader informed.
Several other traders reportedly stopped offering to spot market for both PP and PE with the expectation that further increases in the coming day are possible.
Total inventories at Sinopec and CNPC’s warehouses reduced 10,000 tons from yesterday at 700,000 tons as on 07 August 2018.