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China Morning Snapshot – 18 February 2021China Morning Snapshot – 18 February 2021 |
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Both PP and LLDPE contracts for May delivery surged drastically during the early trading hours thanks to the support from the resilient crude oil market.
Details on the spot and futures prices are shown in the following table:
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09 February 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 8675 |
USD 1188 |
+CNY 491 |
+USD 76 |
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LLDPE 2105 |
CNY 8485 |
USD 1162 |
+CNY 540 |
+USD 84 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8700-8800 |
USD 1192-1206 |
+CNY 300 |
+USD 46 |
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LLDPE (North China) |
CNY 8400-8600 |
USD 1151-1178 |
+CNY 400-500 |
+USD 62-77 |
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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 325,000 tons throughout the holiday to 920,000 tons as of 18 February 2021.
Sentiment on the first trading day after the long Lunar New Year holiday is rather strong, driven primarily by the international market development over the past several days.
Traders are actively looking for cargoes while suppliers insist on a firm stance citing the lack of inventory pressure and bullish market prospect ahead. It is important to note that many manufacturers are still not back to work yet and most transactions achieved at the moment are among traders.
Country
China
