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China Morning Snapshot – 04 January 2019China Morning Snapshot – 04 January 2019 |
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Dalian Commodity Exchange opened on a soft note, however, managed to regain some strength toward the end of the morning session.
Details on the spot and futures prices are shown in the following table:
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04 January 2019 |
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 8605 |
USD 1081 |
+CNY 89 |
+USD13 |
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LLDPE 1905 |
CNY 8530 |
USD 1072 |
+CNY 35 |
+USD5 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 9000-9100 |
USD 1131-1144 |
-CNY50 |
-USD7 |
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LLDPE (North China) |
CNY 9000-9200 |
USD 1131-1156 |
Stable |
Stable |
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**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.86 |
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Total inventories at Sinopec and CNPC’s warehouses digested 30,000 tons from the previous trading day to 640,000 tons as on 04 January 2019.
Buyers are gradually coming back to make replenishment, though the sentiment has not reached the peak. However, this could be a positive sign that pre-Lunar New Year replenishment might soon take place.
“We received more inquiries for PP than PE this morning. The good thing is that buyers take the initiative to ask for offers. Most parcels sold are for delivery this month. Trading activities might improve in the coming day,” a trader said.
Country
China
