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China Morning Snapshot – 22 January 2019China Morning Snapshot – 22 January 2019 |
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Dalian Commodity Exchange started the new trading day on a rather firm note but retreated drastically toward the break time. Sentiment in the spot ground has slowed down visibly following the plunge in the futures ground as buyers withdraw to the sideline to wait for more discounts.
Details on the spot and futures prices are shown in the following table:
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22 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 8792 |
USD 1115 |
-CNY 109 |
-USD 16 |
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LLDPE 1905 |
CNY 8740 |
USD 1108 |
-CNY 35 |
-USD 5 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 9150-9250 |
USD 1160-1173 |
Stable |
Stable |
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LLDPE (North China) |
CNY 9000-9100 |
USD 1141-1154 |
-CNY 50 |
-USD 7 |
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**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.8 |
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Total inventories at Sinopec and CNPC’s warehouses digested40,000 tons from the previous trading day to 550,000 tons as on 22 January 2019.
Customers are hoping to obtain further discount to make last minutes replenishment but many are entering holiday mood now. “We think transactions in the import market might also slowing down as buyers are not having sufficient time to open LC for new order this week. Most companies would be off by this weekend,” a source commented.
Country
China
