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China Morning Snapshot - 20 December 2018China Morning Snapshot - 20 December 2018 |
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Contract number 1901 on Dalian Commodity Exchange started the new trading day in the green zone, but loses steam and fell into the red territory by the break time.
Details on the spot and futures prices are shown in the following table:
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20 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 1905 |
CNY 8502 |
USD 1061 |
-CNY 50 |
-USD7 |
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LLDPE 1905 |
CNY 8605 |
USD 1074 |
-CNY 20 |
-USD3 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 9250-9300 |
USD 1154-1160 |
Stable |
Stable |
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LLDPE (North China) |
CNY 9150-9400 |
USD 1142-1173 |
-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 6.91 |
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Total inventories at Sinopec and CNPC’s warehouses digested 15,000 tons from the previous trading day to 605,000 tons as on 20 December 2018.
Sentiment in the domestic market is softening given the fact that many players are leaving their desks for the Christmas Holiday. Traders informed that they are slowing down the offers to collect the pending payment before starting a new year.
“We would have half of January to push out additional quantity before the Lunar New Year. It is short and the demand prospect remains a question,” a trader added.
Country
China
