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China Morning Snapshot – 13 January 2021China Morning Snapshot – 13 January 2021 |
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Thanks to the rebound in the energy complex, Dalian Commodity Exchange regains the strength this morning. Both PP and LLDPE contracts ended the morning session on a strong note.
Details on the spot and futures prices are shown in the following table:
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13 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 7943 |
USD 1088 |
+CNY 154 |
+USD 23 |
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LLDPE 2105 |
CNY 7575 |
USD 1038 |
+CNY 95 |
+USD 15 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 7950-8150 |
USD 1089-1116 |
Stable |
Stable |
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LLDPE (North China) |
CNY 7550-7750 |
USD 1034-1062 |
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 digested 40,000 tons in the previous trading day to 620,000 tons as of 13 January 2021.
Sentiment in the domestic spot market continues to improve marginally compared to the previous day with support from the surging crude oil market and Dalian Commodity Exchange. However, traders said that the number of deals is still not up to the expectation and customers tend to negotiate fiercely for the previous prices.
Players remain cautious about the near-term outlook amid the spreading COVID-19 related lockdown that restricts the movement of goods this week.
Country
China
