China Morning Snapshot: 08 December 2017

May delivery contract on Dalian Commodity Exchange opened with fluctuating trend and firmed up toward the end of morning session, with PP futures increased CNY20/ton ($3/ton) to CNY8938/ton ($1154/ton without VAT). LLDPE futures firmed up CNY55/ton ($8/ton) at CNY9430/ton ($1217/ton without VAT).

Domestic spot PP in Eastern China stands in the range CNY8950-9150/ton ($‎‎1156-1181/ton without VAT), remain largely stable as compared to yesterday. Meanwhile, spot LLDPE film traded in Northern China reduced CNY50/ton ($8/ton) at CNY9550-9650/ton ($‎‎1233-1246/ton without VAT). All based on EXW China, including VAT, cash term.

Buyers were still on the wait and see stance, meanwhile placing minimal orders based on need approaching weekend. Overall market supplies are not ample, supporting prices from large reduction, meanwhile traders are facing difficulties to get cheaper cargoes in the market.