|
|
China Morning Snapshot – 10 January 2019China Morning Snapshot – 10 January 2019 |
|
Dalian Commodity Exchange remains soft throughout the morning session regardless of the progress that the Chinese and the USA governments have made during the meeting to resolve the trade issues.
|
10 January 2019 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
|
Dalian Commodity Exchange (Mid-day closing) |
|
||||
|
PP 1905 |
CNY 8685 |
USD 1103 |
-CNY 11 |
-USD2 |
|
|
LLDPE 1905 |
CNY 8595 |
USD 1091 |
-CNY 25 |
-USD4 |
|
|
Spot Domestic Prices (EXW China, Cash equivalent) |
|
|
|||
|
PPH (East China) |
CNY 9150-9250 |
USD 1162-1174 |
Stable |
Stable |
|
|
LLDPE (North China) |
CNY 9000-9200 |
USD 1143-1168 |
-CNY 50 |
-USD7 |
|
|
**All USD equivalent prices are exclusive of 16% VAT |
|
|
|
||
|
Exchange rate: USD 1 = CNY 6.79 |
|||||
Total inventories at Sinopec and CNPC’s warehouses reduced 25,000 tons from yesterday to 555,000 tons as on 10 January 2019.
As expected, local producers offer a minor discount of CNY50/ton ($7/ton) on LLDPE film cargoes to deplete more quantity before the road-ban taking place. Buyers tend to show a buying-while-waiting attitude, hoping to obtain more discount in the near term.
“Anyway, we are purchasing for the post-holiday delivery and therefore, we have time to play with,” a buyer added.
Country
China
