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China Morning Snapshot – 12 May 2021China Morning Snapshot – 12 May 2021 |
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PP and LLDPE contracts for September delivery on Dalian Commodity Exchange registered significant rebound throughout the morning session, boosting sentiment in the local ground.
Details on the spot and futures prices are shown in the following table:
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12 May 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 8944 |
USD 1229 |
+CNY 226 |
+USD 35 |
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LLDPE 2109 |
CNY 8335 |
USD 1145 |
+CNY 85 |
+USD 13 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8850-8950 |
USD 1216-1230 |
+CNY 100 |
+USD 15 |
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LLDPE (North China) |
CNY 8350-8600 |
USD 1147-1182 |
+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 piled up 5,000 tons from the previous trading day to 785,000 tons as of 12 May 2021.
The kneejerk reaction on the futures market to the potential coal supply shortages fuels spot prices, though most cargo takers are arbitrage traders while inquiries from converters remain mediocre, sources said.
“Manufacturers are still unable to fully transfer the raw materials costs to end products, hence, very careful in proceeding with new purchases. In contrast, we managed to close a good number of deals to arbitrage traders,” a local producer commented.
Country
China
