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China Morning Snapshot – 14 February 2019China Morning Snapshot – 14 February 2019 |
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Even with more positive signals on the trade deal between China and the USA, the Dalian Commodity Exchange remain weak throughout the morning session.
Details on the spot and futures prices are shown in the following table:
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13 February 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 8648 |
USD 1101 |
-CNY 19 |
-USD 3 |
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LLDPE 1905 |
CNY 8550 |
USD 1089 |
+CNY 15 |
+USD 2 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8700-8800 |
USD 1108-1121 |
-CNY 50 |
-USD 7 |
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LLDPE (North China) |
CNY 8600-8900 |
USD 1095-1133 |
-CNY100 |
-USD15 |
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**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.77 |
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Total inventories at Sinopec and CNPC’s warehouses are unchanged day-on-day at 1,085,000 tons as on 14 February 2019.
Sentiment in the domestic spot market starts to show improvement thanks to the return of more buyers, who are eager to check out the latest offers. However, transactions are still not strong enough to draw down the inventories at Sinopec and CNPC’s warehouses.
“We are still offering some discounts to encourage purchases. Market is in the warming up stage and there is strong hope for next week,” a trader reported.
Country
China
