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China Morning Snapshot – 26 February 2019China Morning Snapshot – 26 February 2019 |
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Dalian Commodity Exchange opened on a weak note as a result of the crude drop last night but regain some strength toward the end of the morning session.
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26 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 8757 |
USD 1127 |
+CNY 12 |
+USD 2 |
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LLDPE 1905 |
CNY 8670 |
USD 1116 |
0 |
0 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8750-8800 |
USD 1126-1132 |
-CNY 50 |
-USD 7 |
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LLDPE (North China) |
CNY 8600-8800 |
USD 1107-1132 |
Stable |
Stable |
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**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.70 |
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Details on the spot and futures prices are shown in the following table:
Total inventories at Sinopec and CNPC’s warehouses reduced 35,000 tons from the previous trading day to 965,000 tons as on 26 February 2019.
Purchasing activities are regular in the local ground and if this condition persists in the coming days, local inventories might quickly return to the normal levels. Till then, sellers might have to offer discounts to attract buyers.
“We are open to negotiation. Demand for LDPE film in Northern China market is improving and we hope the bottom is near,” a trader commented.
Country
China
