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China Morning Snapshot – 21 April 2021China Morning Snapshot – 21 April 2021 |
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Major contracts for September delivery on Dalian Commodity Exchange settled the morning session in the red, plunging three digits from the previous session.
Details on the spot and futures prices are shown in the following table:
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21 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 2109 |
CNY 8308 |
USD 1131 |
-CNY 244 |
-USD 38 |
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LLDPE 2109 |
CNY 8070 |
USD 1099 |
-CNY 255 |
-USD 39 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8650-8750 |
USD 1178-1191 |
-CNY 150 |
-USD 23 |
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LLDPE (North China) |
CNY 8150-8500 |
USD 1110-1157 |
-CNY 100-150 |
-USD 15-23 |
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**All USD equivalent prices are exclusive of 13% VAT |
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In the previous trading day, total PP and PE stocks in the local market digested 10,000 tons to approximately 870,000 tons as of 21 April 2021.
The large reductions on Dalian Commodity Exchange push spot buyers further to the sideline even at lower PP and PE prices. Traders struggle to attract buying interest, raising concerns that pre-holiday replenishment activities would be weak.
“There are no supports for the futures market to firm up strongly because the government is tightening credit control. Buyers are now just waiting for additional price cuts, not interested in making immediate purchases,” a market source said.
Country
China
