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China Morning Snapshot – 31 May 2021China Morning Snapshot – 31 May 2021 |
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Major contracts on Dalian Commodity Exchange extended the weakening trend, with PP and LLDPE futures settled in the red by the end of the morning session.
Details on the spot and futures prices are shown in the following table:
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31 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 8325 |
USD 1158 |
-CNY 41 |
-USD 6 |
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LLDPE 2109 |
CNY 7740 |
USD 1077 |
-CNY 15 |
-USD 2 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8550-8750 |
USD 1190-1218 |
-CNY 50 |
-USD 8 |
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LLDPE (North China) |
CNY 7750-8100 |
USD 1078-1127 |
Stable |
Stable |
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**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC piled up 60,000 tons from last Friday to 730,000 tons as of 31 May 2021.
There are limited movements in the domestic spot market during the early hours of the first trading day of the week. Sources said that most local producers are in mid of the month-end closing, therefore, not actively giving new offers. Traders are monitoring the COVID-19 condition in Southeast Asia, expecting a narrower export opportunity window within this week.
Country
China
