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China Morning Snapshot – 09 August 2021China Morning Snapshot – 09 August 2021 |
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Major contracts on Dalian Commodity Exchange opened the first trading day in the negative territory but managed to regain some strengths by the end of the morning session.
Details on the spot and futures prices are shown in the following table:
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09 August 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 8379 |
USD 1144 |
+CNY 53 |
+USD 8 |
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LLDPE 2109 |
CNY 8135 |
USD 1111 |
+CNY 70 |
+USD 11 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8400-8500 |
USD 1147-1161 |
Stable |
Stable |
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LLDPE (North China) |
CNY 8050-8350 |
USD 1099-1140 |
+CNY 50 |
+USD 8 |
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**All USD equivalent prices are exclusive of 13% VAT |
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Sinopec and CNPC’s total PP and PE stocks piled up 50,000 tons through the weekend to 760,000 tons as of 09 August 2021.
Trading sentiment during the early hours on the first trading day of the week was sluggish under heavy pressure from the falling crude oil market and the spread of the Delta variant that trigger strict movement control in China. There have been reports that buyers prefer to buy cargoes with farther delivery schedules while asking for lower price levels.
“It is difficult to move cargoes this morning, however, we decided to hold the prices to monitor further movement. Buyers might become more willing to make replenishment once the futures market rebound,” a trader said. The source continues to offers export homo-PP at $1200/ton FOB China, stable from last week.
Country
China
