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China Morning Snapshot – 23 December 2019China Morning Snapshot – 23 December 2019 |
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May delivery contracts for both PP and LLDPE on Dalian Commodity Exchange settled mixed this morning as the market continues lacking support to move significantly in either direction.
Details on the spot and futures prices are shown in the following table:
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23 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 7492 |
USD 946 |
-CNY 35 |
-USD 5 |
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LLDPE 2005 |
CNY 7330 |
USD 925 |
+CNY 25 |
+USD 3 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 7700-7800 |
USD 972-985 |
Stable |
Stable |
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LLDPE (North China) |
CNY 7100-7350 |
USD 896-928 |
Stable |
Stable |
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**All USD equivalent prices are exclusive of 13% VAT |
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Inventories at Sinopec and CNPC’s warehouses piled up smaller than usual over the weekend, by only 50,000 tons to approximately 650,000 tons as of 23 December 2019.
There are very limited movements in the domestic spot market during the early trading hours today. The Chinese government is planning to cut import duties for certain commodity products starting 1 January 2020, which have the market talking.
In the meantime, a couple of overseas sellers planned to only open new offers after the New Year holiday citing the lack of inventory pressure.
Country
China
