China Morning Express: 07 November 2017

PP futures for January delivery ended the morning session at minor gain of CNY22/ton ($3/ton) from the previous session, reaching CNY9089/ton ($1173/ton without VAT).

Same contract for LLDPE concluded the session at CNY9840/ton ($1270/ton without VAT), up CNY20/ton ($3/ton).

PP spot market in East China at CNY8950-9150/ton ($‎1156-1181/ton without VAT), CNY50-150/ton ($8-23/ton) increased as compared to yesterday.

LLDPE film spot market in North China at CNY9700-9800/ton ($‎1252-1265/ton without VAT), CNY50-100/ton ($8-15/ton) increased as compared to yesterday.

Futures market started at rather firm notes, however the steam loosen toward the session closing time. Spot market seems to have reponded very promptly to the latest developmen in futures trading, reflected in a considerable drop in the number of deals concluded. On an average, sources are seeing 40% reduction in sales quantity compared to the first trading day of the week. Buyers might remain on the side-line for the remaining of the day, however optimistic traders continue to carry bullish expectation considering the general tight supply condition in the country.