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China Morning Snapshot – 20 February 2019China Morning Snapshot – 20 February 2019 |
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Dalian Commodity Exchange remains in the positive territory this morning but has little push for any breakthrough.
Details on the spot and futures prices are shown in the following table:
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20 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 8801 |
USD 1127 |
+CNY 76 |
+USD 11 |
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LLDPE 1905 |
CNY 8700 |
USD 1114 |
+CNY 85 |
+USD 13 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8750-8850 |
USD 1121-1134 |
+CNY 100 |
+USD 14 |
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LLDPE (North China) |
CNY 8600-8800 |
USD 1102-1127 |
Stable |
Stable |
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**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.73 |
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Total inventories at Sinopec and CNPC’s warehouses reduced 45,000 tons day-on-day to 1,035,000 tons as on 20 February 2019.
The general sentiment in local ground is rather steady, however, sources reported that most cargoes takers are traders and that end users have yet to be active. While total PP and PE inventories at major producers’ warehouses started digesting in a quicker pace, sources fear that the stocks are merely moving from the producers to distributors/traders side.
Country
China
