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China Morning Snapshot – 04 March 2019China Morning Snapshot – 04 March 2019 |
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Trading activities on Dalian Commodity Exchange pick up drastically this morning following positive news about the possible trade deal between China and the USA.
Details on the spot and futures prices are shown in the following table:
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04 March 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 8907 |
USD 1148 |
+CNY 177 |
+USD 26 |
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LLDPE 1905 |
CNY 8760 |
USD 1129 |
+CNY 125 |
+USD 19 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8750-8900 |
USD 1128-1147 |
+CNY 100-200 |
+USD 15-30 |
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LLDPE (North China) |
CNY 8750-8800 |
USD 1128-1134 |
+CNY 50 |
+USD 7 |
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**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.69 |
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Total inventories at Sinopec and CNPC’s warehouses piled up45,000 tons throughout the weekend to approximately 1,000,000 tons as on 01 March 2019.
While buyers are becoming more active in asking for offers and placing bids, transactions remain mediocre. Players are still hoping to see more discounts from local producers given the rising inventory levels.
“Converters remain more cautious than traders. We would have to wait-and-see if the rebound sustain in then near term,” a market source informed.
Country
China
