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China Morning Snapshot – 12 August 2021China Morning Snapshot – 12 August 2021 |
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Major contracts on Dalian Commodity Exchange settled the morning session in the green, taking the support from the strong energy complex. Traders shrug off the impact of the Delta variant of the coronavirus on the market.
Details on the spot and futures prices are shown in the following table:
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12 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 8572 |
USD 1171 |
+CNY 68 |
+USD 10 |
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LLDPE 2109 |
CNY 8310 |
USD 1135 |
+CNY 45 |
+USD 7 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8550-8650 |
USD 1168-1181 |
+CNY 50 |
+USD 8 |
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LLDPE (North China) |
CNY 8200-8400 |
USD 1120-1147 |
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’s warehouses reduced 25,000 tons from the previous trading day to 695,000 tons as of 12 August 2021.
The strong Dalian Commodity Exchange pulls the domestic spot market higher, however, buyers further withdraw to the sideline following the hike, highlighting the fragile demand condition.
In the meantime, sources reported active inquiries for LDPE film cargoes ahead of the agricultural film season. “Supply for LDPE film is tighter than other grades. We expect the demand would remain stable for this cargo, which could pull LLDPE film up, too,” a trader commented.
Country
China
