China Morning Snapshot: 06 December 2017

May delivery contract on Dalian Commodity Exchange fluctuated within firm range for morning session, with PP futures increased CNY33/ton ($5/ton) to CNY9202/ton ($1188/ton without VAT). LLDPE futures firmed up CNY40/ton ($6/ton) at CNY9620/ton ($1242/ton without VAT).

Domestic spot PP in Eastern China stands in the range CNY9200-9250/ton ($‎‎1188-1194/ton without VAT), about CNY50/ton ($8/ton) up while some with slight discounts as compared to yesterday. Meanwhile, spot LLDPE film traded in Northern China reduced CNY50-100/ton ($8-15/ton) at CNY9650-9700/ton ($‎‎1246-1252/ton without VAT). All based on EXW China, including VAT, cash term.

Local market sentiment remain largely unchanged compared to past two days, with buyers mostly still sourcing based on need, meanwhile high end prices are facing substantial resistances, hence spot prices are on the softer trend today, despite continuous firm futures market.