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China Morning Snapshot – 19 April 2019China Morning Snapshot – 19 April 2019 |
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September delivery contracts for both PP and LLDPE on Dalian Commodity Exchange remain on the negative zone this morning with little indication for a rebound.
Details on the spot and futures prices are shown in the following table:
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19 April 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 1909 |
CNY 8637 |
USD 1111 |
-CNY 49 |
-USD 7 |
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LLDPE 1909 |
CNY 8335 |
USD 1072 |
-CNY 70 |
-USD 10 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8800-8900 |
USD 1132-1145 |
-CNY 50 |
-USD 7 |
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LLDPE (North China) |
CNY 8450-8600 |
USD 1087-1107 |
-CNY 50-100 |
-USD 7-15 |
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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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Total inventories at Sinopec and CNPC’s warehouses reduced 10,000 tons from the previous trading day to 900,000 tons as on 19 April 2019.
Customers are very reluctant to make additional purchases while pressing for larger discounts than what have been given. A number of traders informed of a more aggressive stance from producers to push cargoes to the distribution market before the month end.
“The month end is approaching and demand has not shown much improvement. The accumulated inventories during the Labour Day holiday might cause dull sentiment during first half of May, too,” a trader said.
Country
China
