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China Morning Snapshot – 25 January 2021China Morning Snapshot – 25 January 2021 |
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Dalian Commodity Exchange slipped this morning following the development in the energy market. Players are rather concerned over the intensifying COVID-19 related lockdown in the country.
Details on the spot and futures prices are shown in the following table:
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25 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 8039 |
USD 1098 |
-CNY 71 |
-USD 11 |
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LLDPE 2105 |
CNY 7730 |
USD 1056 |
-CNY 84 |
-USD 13 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8200-8450 |
USD 1120-1154 |
+CNY 50 |
+USD 8 |
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LLDPE (North China) |
CNY 7800-8000 |
USD 1065-1093 |
-CNY 50 |
-USD 8 |
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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 50,000 tons throughout the weekend to 555,000 tons as of 25 January 2021.
There is very limited movement on the first trading hours of the week as players wish to monitor the movement on Dalian Commodity Exchange further. A number of local traders informed that buyers are no longer enthusiastic about placing orders, and even at lower price levels, the interest is very weak.
More manufacturers are lowering operating rates this week, signaling a gradually softening demand in days ahead. Buyers remain cautious about purchases for the post-holiday period due to the uncertain market outlook.
Country
China
