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China Morning Snapshot – 18 January 2021China Morning Snapshot – 18 January 2021 |
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Regardless of the heavy concerns of the strict lockdown at several cities in the country, both PP and LLDPE contracts for May 2021 delivery rebounded strongly this morning.
Details on the spot and futures prices are shown in the following table:
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15 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 8095 |
USD 1106 |
+CNY 151 |
+USD 23 |
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LLDPE 2105 |
CNY 7645 |
USD 1044 |
+CNY 95 |
+USD 15 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8150-8350 |
USD 1113-1140 |
+CNY 150 |
+USD 23 |
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LLDPE (North China) |
CNY 7700-7850 |
USD 1052-1072 |
+CNY 50-100 |
+USD 8-15 |
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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 piled up 65,000 tons from last Friday to 635,000 tons as of 18 January 2021.
Trading activities in the local market are rather strong this morning as manufacturers become more willing to make replenishment before logistics companies take off for holidays. Several PP and PE producers claimed to have oversold their cargoes, underlining the active pre-holiday replenishment activities in this market.
Country
China
