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China Morning Snapshot – 02 April 2021China Morning Snapshot – 02 April 2021 |
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Both PP and LLDPE contracts for May 2021 delivery registered stronger rebound throughout the morning session, as traders bet on positive economic data and prospect of the new stimulus package in the US.
Details on the spot and futures prices are shown in the following table:
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02 April 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 8920 |
USD 1201 |
+CNY 113 |
+USD 17 |
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LLDPE 2105 |
CNY 8635 |
USD 1163 |
+CNY 110 |
+USD 17 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 9050-9200 |
USD 1219-1239 |
+CNY 50-100 |
+USD 8-15 |
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LLDPE (North China) |
CNY 8600-8750 |
USD 1158-1179 |
+CNY 50-100 |
+USD 8-15 |
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**All USD equivalent prices are exclusive of 13% VAT |
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On the previous day, total inventories at Sinopec and CNPC’s warehouses digested 40,000 tons to 805,000 tons as of 2 April 2021.
Players reported mediocre movement in the local market as players embrace the holiday mood. Officially, the China market is off from 3 – 5 April 2021 for Tomb Sweeping, and the market would resume on 6 April. However, a number of manufacturers elected to extend the holiday period to six (6) days claiming lacking end product orders.
“Buyers are not responding positively to the new prices. We would see more movement in the coming week; however, we do not expect any major price increases considering the still weak demand conditions,” a trader added.
Country
China
