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China Morning Snapshot – 07 January 2021China Morning Snapshot – 07 January 2021 |
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Despite the international equity market continues to climb to record high levels, Dalian Commodity Exchange traded sluggishly throughout the morning session, with PP and LLDPE contracts both plunged into negative territory.
Details on the spot and futures prices are shown in the following table:
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07 January 2021 |
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 2105 |
CNY 7993 |
USD 1095 |
-CNY 10 |
-USD 2 |
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LLDPE 2105 |
CNY 7665 |
USD 1050 |
-CNY 15 |
-USD 2 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8000-8200 |
USD 1096-1123 |
-CNY 50 |
-USD 8 |
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LLDPE (North China) |
CNY 7700-7950 |
USD 1055-1089 |
Stable |
Stable |
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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 fell 15,000 tons day-on-day to 630,000 tons as of 07 January 2021.
Purchasing activities have weakened slightly compared to the previous day as players decided to wait for further discounts now that the futures market is retreating. However, traders express a bullish expectation for the market outlook in the coming week citing the continuous need among manufacturers to make replenishment.
On another news, holiday goers can now return train tickets without any charges would they wish to cancel their Lunar New Year holiday trips. Players are monitoring the portion of workers that would cancel their going-back-hometown plans based on the number of tickets returned.
Country
China
