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China Morning Snapshot – 19 December 2019China Morning Snapshot – 19 December 2019 |
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Dalian Commodity Exchange for PP and PE poses weak trend throughout the morning session. Details on the spot and futures prices are shown in the following table:
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19 December 2019 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
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Combined and reported by CommoPlast |
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Dalian Commodity Exchange (Mid-day closing) |
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PP 2005 |
CNY 7491 |
USD 947 |
-CNY 23 |
-USD 3 |
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LLDPE 2005 |
CNY 7250 |
USD 917 |
-CNY 25 |
-USD 4 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 7600-7800 |
USD 961-986 |
-CNY150-200 |
-USD 21-29 |
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LLDPE (North China) |
CNY 7100-7350 |
USD 898-929 |
-CNY 50 |
-USD 7 |
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**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC’s warehouses reduced 25,000 tons from yesterday at 595,000 tons as of 19 December 2019.
Market sentiment remain weak whereby some traders try to forward selling cargoes deliver for January meanwhile claim that due to limited cargoes on hand and lower inventory pressure from local producers so they also got oversold some of the cargoes, and informing will not going to stock up extra, will remain minimum pressure on hand until next month. Some players said converters side still consuming cargoes based on need but these few weeks due to futures market drop continuously so they tend to expect for more discounts, meanwhile some said they are hoping that with these few days’ drop, then prices will have chance to rebound again next week since demand is still not weakening significantly yet.
Country
China
