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China Morning Snapshot - 14 December 2018China Morning Snapshot - 14 December 2018 |
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Major contracts for May delivery on Dalian Commodity Exchange regain its strength on the final trading day of the week despite the negative data released from the Chinese government. This has supported to halt the down trend in the domestic spot market.
Details on the spot and futures prices are shown in the following table:
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14December 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 1905 |
CNY 8488 |
USD 1067 |
+CNY 112 |
+USD16 |
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LLDPE 1905 |
CNY 8505 |
USD 1069 |
+CNY 80 |
+USD12 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 9100-9200 |
USD 1144-1156 |
Stable |
Stable |
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LLDPE (North China) |
CNY 9200-9400 |
USD 1156-1181 |
Stable |
Stable |
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**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.89 |
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Total inventories at Sinopec and CNPC’s warehouses remained unchanged for the fourth consecutive trading day, at 635,000 tons as on 14 December 2018.
Local market started to move, yet traders are unable to implement any increases since deals are not strong. “PP sector has better inquiries than PE this morning. Prices at the upper end of the overall range are unable to attract any interest at the moment,” a trader informed.
Country
China
