[FREE] China Morning Snapshot – 30 September 2021
[FREE] China Morning Snapshot – 30 September 2021
After a brief sell-off, traders return to place bullish bets on Dalian Commodity Exchange on the final trading day before the Golden Week, pushing major contracts three digits higher.
Details on the spot and futures prices are shown in the following table:
|
30 September 2021 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
Combined and reported by CommoPlast |
||||
|
Dalian Commodity Exchange (Mid-day closing) |
||||
|
PP 2201 |
CNY 9951 |
USD 1361 |
+CNY 214 |
+USD 33 |
|
LLDPE 2201 |
CNY 9650 |
USD 1320 |
+CNY 265 |
+USD 41 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 9500-9600 |
USD 1299-1313 |
Stable |
Stable |
|
LLDPE (North China) |
CNY 9400-9500 |
USD 1286-1299 |
+CNY 50-100 |
+USD 8-15 |
|
**All USD equivalent prices are exclusive of 13% VAT |
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Total stocks at Sinopec and CNPC’s warehouses digested another 20,000 tons to 625,000 tons as of 30 September 2021.
Purchasing interest weakened visibly from the previous sessions as buyers wrapped up pre-holiday replenishment while traders concentrate on delivering previous orders. There have been reports that delivery costs would increase starting October, which put sellers on edge.
Discussing the post-holiday demand outlook, market sources are cautiously optimistic, citing that the electricity supply issue would determine the state of demand.
China market will be off from 1 October to 7 October 2021 for the National Day holiday. Trading will resume on 8 October 2021.