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China Morning Snapshot – 11 January 2019China Morning Snapshot – 11 January 2019 |
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Dalian Commodity Exchange stabilizes a little today, however, there have not been any major breakthrough that could drastically boost the sentiment in the spot ground.
Details on the spot and futures prices are shown in the following table:
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11 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 8698 |
USD 1109 |
+CNY 42 |
+USD6 |
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LLDPE 1905 |
CNY 8570 |
USD 1093 |
0 |
0 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 9100-9250 |
USD 1160-1180 |
-CNY 50 |
-USD7 |
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LLDPE (North China) |
CNY 9000-9200 |
USD 1148-1173 |
Stable |
Stable |
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**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.76 |
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Total inventories at Sinopec and CNPC’s warehouses sslightly piledup 5,000 tons from yesterday to 560,000 tons as on 11 January 2019.
Trading activities in local market remain mediocre on the final trading day of the week given that buyers are not making pre-holiday replenishment at the full swing yet. “We are optimistic about the coming week,” a trader commented, shrugging off the accumulated in inventories at local producers’ warehouse in a normal trading day.
Sources reported that for many converters, the profit margins are healthy at the moment, which might encourage longer operation day in January before the Lunar New Year takes place.
Country
China
