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China Morning Snapshot – 26 April 2019China Morning Snapshot – 26 April 2019 |
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Dalian Commodity Exchange poses weak trend for the morning session, whereby PP futures break below the low level on 8 April 2019.
Details on the spot and futures prices are shown in the following table:
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26 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 8560 |
USD 1124 |
-CNY 87 |
-USD 13 |
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LLDPE 1909 |
CNY 8290 |
USD 1088 |
+CNY10 |
+USD 1 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8750-8850 |
USD 1121-1134 |
Stable |
Stable |
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LLDPE (North China) |
CNY 8350-8450 |
USD 1070-1082 |
Stable |
Stable |
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**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.74 |
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Total inventories at Sinopec and CNPC’s warehouses reduced 20,000 tons from yesterday at 860,000 tons as on 26 April 2019.
Market sentiment remain slow approaching weekend, although some spot players are working on this Sunday (as working replacement before Labor Day Holiday), however, they commented that if there are no futures trading, basically even working also spot market shall not have any movements, especially until today, futures market still continue to stay weak. Some players commented that as they understood from their converters, including BOPP makers, right now the lower raw material costs are good for their profit margin, however, the problem is end product orders are not picking up and still remain slow. Most of the inventory pressure are accumulated either on distributors or producers hand, and mostly are planning to wait and see until post-holiday, having pessimistic expectation for the near term.
Country
China
