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China Morning Snapshot - 29 November 2018China Morning Snapshot - 29 November 2018 |
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Dalian Commodity Exchange remains firm throughout the morning session, however the gaining pace is getting a little inertia. However, domestic spot market started seeing clearer positive impact from the development on futures trading.
Details on the spot and futures prices are shown in the following table:
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29 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 8697 |
USD 1079 |
+CNY 35 |
+USD5 |
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LLDPE 1901 |
CNY 8715 |
USD 1081 |
+CNY 65 |
+USD9 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8950-9100 |
USD 1110-1129 |
+CNY 50-100 |
+USD7-14 |
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LLDPE (North China) |
CNY 9000-9200 |
USD 1116-1141 |
+CNY 50-100 |
+USD7-14 |
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**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.95 |
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Total inventories at Sinopec and CNPC’s warehouses fall 70,000 tons from the previous reading day to 705,000 tons as on 29 November 2018.
The drastic daily inventories digestion coupled with the recovering in the futures trading supports local suppliers to lift spot prices again today. However, sales results drop slightly, sources said, as many buyers have already purchased comfortable stock.
“We would like to maintain a certain level of safe cash flow after the large replenishment this week. At this rate, local supplier might hold prices steady for the first week of December and we shall wait again,” a buyer said.
Country
China
