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China Morning Snapshot – 10 March 2020China Morning Snapshot – 10 March 2020 |
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The recovery in the global energy complex has supported the Dalian Commodity Exchange to regain some of the losses in the previous trading day. Both PP and LLDPE contracts settled in the positive zone by the mid-day break.
Details on the spot and futures prices are shown in the following table:
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10 March 2020 |
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 6936 |
USD 884 |
+CNY 81 |
+USD 12 |
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LLDPE 2005 |
CNY 6745 |
USD 860 |
+CNY 120 |
+USD 17 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 6850-7050 |
USD 868-886 |
+CNY 50-100 |
+USD 7-14 |
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LLDPE (North China) |
CNY 6650-6850 |
USD 843-881 |
-CNY 50/+CNY 50 |
-USD 7/+USD 7 |
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**All USD equivalent prices are exclusive of 13% VAT |
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Compared to the previous trading day, total inventories at Sinopec and CNPC’s warehouses digested only 5,000 tons no thanks to the kneejerk reaction to the collapsed crude oil market during the weekend. At the time of this report, the total inventories stand at 1,280,000 tons.
It is reported that Chinese buyers are gradually returning to the market this morning as both futures and energy market recovered from the previous rout, however, there is still the cautious stance lingering. Traders are open to negotiation with serious buyers and deals are concluded at the lower end of the overall price range.
“Customers are not interested at the higher prices for the concern that the recent market recovery might not sustain,” a trader added.
Country
China
