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China Morning Snapshot - 30 November 2018China Morning Snapshot - 30 November 2018 |
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Dalian Commodity Exchange remains in the positive zone, however, the firming momentum is clearly loosing some steam.
Details on the spot and futures prices are shown in the following table:
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30 November 2018 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
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Dalian Commodity Exchange (Mid-day closing) |
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PP 1901 |
CNY 8705 |
USD 1081 |
+CNY 15 |
+USD2 |
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LLDPE 1901 |
CNY 8770 |
USD 1089 |
+CNY 80 |
+USD12 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8950-9100 |
USD 1111-1130 |
Stable |
Stable |
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LLDPE (North China) |
CNY 9000-9200 |
USD 1118-1143 |
Stable |
Stable |
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**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.94 |
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Total inventories at Sinopec and CNPC’s warehouses digested another 35,000 tons from the previous trading day to 670,000 tons as on 30 November 2018.
Trading activities in domestic spot market is regular, sources said, citing the fact that many buyers are still having small inquiries for the immediate production need. Expectation calls for a more of a stabilizing market trend in local ground following the 180,000 tons drop in inventories on Sinopec and CNPC hands since the beginning of this week.
“Would the purchasing motion persist in the current pace, the need for replenishment in the coming weeks might be softer. We hope to see positive outcomes from the trade meeting between China and the USA, as it might support the market,” a trader said.
Country
China
