China Morning Snapshot: 02 February 2018

May delivery contracts for both PP and PE remain range bounce throughout the morning session. LLDPE futures showed a CNY15/ton ($2/ton) reduction at CNY9730/ton ($1324/ton without VAT) while PP contract decreased CNY22/ton ($4/ton), reaching CNY9426/ton ($1283/ton without VAT).

Spot homo-PP offers in Eastern China decreased CNY50/ton ($8/ton) to CNY‎‎9350-9450/ton ($‎1273-1286/ton without VAT), EXW China, cash equivalent.

Meanwhile, LLDPE film offers in Northern China showed a CNY50-100/ton ($8-15/ton) reduction at CNY9550-9750/ton ($‎1300-1327/ton without VAT), with the same term.

Market sentiment remained quiet toward end of the week, whereby weak futures market trend are also impacting the overall buying interests. Traders are expecting for slower market trend by next week with more players gradually off for long holidays.