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China Morning Snapshot – 30 April 2019China Morning Snapshot – 30 April 2019 |
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September delivery contract for PP and LLDPE on Dalian Commodity Exchange rebounded slightly this morning, but still unable to boost the sentiment in the spot ground.
Details on the spot and futures prices are shown in the following table:
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30 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 8672 |
USD 1139 |
+CNY 71 |
+USD 11 |
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LLDPE 1909 |
CNY 8320 |
USD 1092 |
+CNY 30 |
+USD 4 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8750-8850 |
USD 1149-1162 |
Stable |
Stable |
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LLDPE (North China) |
CNY 8300-8450 |
USD 1090-1109 |
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 reduced20,000 tons from yesterday to 855,000 tons as on 30 April 2019.
Chinese buyers are entering the holiday mood and show no reaction to the firmer futures market. Sources are watching out closely the inventories levels at supplier’s side to gauge the post-holiday market outlook.
“Pre-holiday replenishment is not as strong as we expected, therefore, we hope for better demand once players return to work. In the meantime, the accumulating stock levels might prevent spot market from any real rebound in the near term,” a trader commented.
Country
China
