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China Morning Snapshot – 16 April 2021China Morning Snapshot – 16 April 2021 |
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The strengthening international equity market continues to lend support to the Dalian Commodity Exchange. Major PP and LLDPE contracts for May delivery concluded the morning session with additional gains.
Details on the spot and futures prices are shown in the following table:
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16 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 8759 |
USD 1187 |
+CNY 89 |
+USD 14 |
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LLDPE 2105 |
CNY 8380 |
USD 1136 |
+CNY 60 |
+USD 9 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8850-8950 |
USD 1199-1213 |
+CNY 50-100 |
+USD 8-15 |
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LLDPE (North China) |
CNY 8350-8650 |
USD 1132-1172 |
+CNY50 |
+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 reduced 40,000 tons day-on-day to 875,000 tons as of 16 April 2021.
Trading activities are steady in the local ground during the early trading hours. The firmer spot offers, however, do face stiff resistance from buyers, who are now negotiating for lower prices to enter deals.
There have been heavy discussions among market players pertaining to the market outlook in May, from which a number of opinions calling for a sharp reduction in import PE prices. In the meantime, buyers are not very optimistic about the local market trend citing the potential buildup in inventories throughout the Labor day holiday.
Country
China
