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China Morning Snapshot – 18 February 2019China Morning Snapshot – 18 February 2019 |
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In spite of a number of positive factors that boost the global equity market, Dalian Commodity Exchange remains weak this morning.
Details on the spot and futures prices are shown in the following table:
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18 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 8632 |
USD 1100 |
-CNY 12 |
-USD 2 |
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LLDPE 1905 |
CNY 8515 |
USD 1084 |
0 |
0 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8650-8750 |
USD 1106-1119 |
-CNY 50 |
-USD 7 |
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LLDPE (North China) |
CNY 8550-8800 |
USD 1089-1121 |
Stable |
Stable |
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**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.77 |
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Total inventories at Sinopec and CNPC’s warehouses piled up 60,000 tons over the weekend to 1,135,000 tons as on 18 February 2019, reaching the highest level since 2014.
The general market sentiment has not improved immediately on the first trading day of the week. Traders reported small deals to regular buyers at the lower end prices. “We also receive a number of inquiries for May delivery homo-PP cargoes at CNY100/ton ($15/ton) lower than the current market levels. This is very odd to us,” a trader said.
Suppliers informed of better sales for LLDPE film compared to other grades this morning.
Country
China
