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China Morning Snapshot - 06 December 2018China Morning Snapshot - 06 December 2018 |
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Dalian Commodity Exchange for both PP and LLDPEextended the firming trend throughout the morning session.
Details on the spot and futures prices are shown in the following table:
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06 December 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 9242 |
USD 1160 |
+CNY 78 |
+USD11 |
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LLDPE 1905 |
CNY 8495 |
USD 1066 |
+CNY 100 |
+USD15 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 9600-9750 |
USD 1205-1223 |
+CNY 50-100 |
+USD7-15 |
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LLDPE (North China) |
CNY 9250-9350 |
USD 1161-1173 |
+CNY 50 |
+USD7 |
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**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.87 |
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Total inventories at Sinopec and CNPC’s warehouses digested 20,000 tons from the previous trading day to 600,000 tons as on 06 December 2018.
It appears that Chinese buyers have replenished comfortable inventories over the past several days and currently taking a break to assess market outlook before making further decision. “Our customers become less active today. Prices are firmer bust most sellers are open to negotiation,” a local trader said.
Doubts about the sustainability of the current trend are growing, however, local trader hope that stronger upstream costs and low inventories pressure would support market moving forward.
Country
China
