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China Morning Snapshot – 31 January 2019China Morning Snapshot – 31 January 2019 |
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Dalian Commodity Exchange regains some strength this morning following the surge in the global equity market. However, sentiment in the domestic spot market is rather soft in the absence of buyers.
Details on the spot and futures prices are shown in the following table:
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31 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 8868 |
USD 1141 |
+CNY 90 |
+USD 13 |
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LLDPE 1905 |
CNY 8790 |
USD 1131 |
+CNY 80 |
+USD 12 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8900-8950 |
USD 1145-1152 |
Stable |
Stable |
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LLDPE (North China) |
CNY 8700-9000 |
USD 1119-1158 |
-CNY100 |
-USD15 |
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**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.70 |
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Total inventories at Sinopec and CNPC’s warehouses piled up another 20,000 tons from the previous day to 620,000 tons as on 31 January 2019.
Transactions are very limited given the fact that most buyers have already left for the Lunar New Year holiday. Traders continue hunting for discounts, especially those whom forward selling previously, and yet this does not boost the sentiment much.
Interestingly, there are several deals for USA LLDPE C6 film reported at $990/ton CFR China. These could be the final deals before the holidays.
Country
China
