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China Morning Snapshot – 10 August 2021China Morning Snapshot – 10 August 2021 |
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Dalian Commodity Exchange for September settlement inches slightly higher by the end of the morning session, shrugging off the weakening energy complex.
Details on the spot and futures prices are shown in the following table:
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10 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 8381 |
USD 1145 |
+CNY 36 |
+USD 6 |
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LLDPE 2109 |
CNY 8120 |
USD 1109 |
+CNY 45 |
+USD 7 |
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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 8100-8350 |
USD 1006-1140 |
+CNY 50 |
+USD 8 |
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**All USD equivalent prices are exclusive of 13% VAT |
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Compared to the previous day, the total stocks at Sinopec and CNPC’s warehouses digested 15,000 tons to 745,000 tons as of 10 August 2021.
Trading sentiment in the domestic spot market has not seen any major improvement on the second day of the week. Traders reported having faced stiff resistance from buyers even at the slightest price increment, which could lead sellers to soften the stance on spot cargoes to push for monthly sales targets.
Several traders are in dilemma whether to take the position, especially for PE cargoes, given the lack of supply from international suppliers but local demand remains dwindling. Middle Eastern sellers prioritize European and Latin American markets more these days due to much better price levels than China.
Country
China
