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The futures market has not witnessed any major movement throughout the morning session though LLDPE contract did pose some gains.  Details on the spot and futures prices are shown in the following table:

Total inventories at Sinopec and CNPC’s warehouses reduced 15,000 tons from yesterday to 760,000 tons as on 23 August 2018.

Purchasing activities are regular with buyers continue showing better interest for PE cargoes than PP. Sources are looking for cargoes at the lower end of the overall price range while expressing positive expectation for September outlook.

“Import arrivals might remain restricted in the near term, which could support spot ground to a certain extent,” a trader said.

Meanwhile, PP traders are facing difficulties in attracting sufficient purchasing interest at the current market levels. Buyers are pressurizing for further price cut citing the inability in transferring higher raw material costs to end products.