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China Morning Snapshot – 11 September 2019China Morning Snapshot – 11 September 2019 |
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Dalian Commodity Exchange for futures PP and PE remain range bound throughout the morning session. Details on the spot and futures prices are shown in the following table:
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11 September 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 2001 |
CNY 8139 |
USD 1013 |
+CNY 16 |
+USD 2 |
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LLDPE 2001 |
CNY 7310 |
USD 910 |
+CNY 10 |
+USD 1 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8650-8700 |
USD 1077-1083 |
Stable |
Stable |
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LLDPE (North China) |
CNY 7200-7350 |
USD 896-915 |
-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 7.11 |
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Total inventories at Sinopec and CNPC’s warehouses reduced 35,000 tons from yesterday at 605,000 tons as on 11 September 2019.
Market sentiment is comparatively slower than past two days, while some traders in South china said there are still some customers buying cargoes on need basis, as final purchase before enter holiday this Friday. Some players said south china is comparatively better than other areas this week, however approaching holiday and basically lots of buyers already replenish cargoes since beginning of the week, market sentiment is expected to be slower tomorrow. Some domestic makers still holding firm stance especially on PP offers claiming low sales pressure before holiday. The local inventory is expected to pile up at least 90,000 tons throughout this long weekend.
Country
China
