China Morning Snapshot - 17 August 2018

The Dalian Commodity Exchange extended the softening trend into the final trading day of the week and started to drag spot prices along. 

Details on the spot and futures prices are shown in the following table:

Total inventories at Sinopec and CNPC’s warehouses piled up 10,000 tons at 730,000 tons as on 17 August 2018. This is one of the slowest inventories digestion week this month.

While PE traders are still seeing steady sales, many PP sellers are unable to achieve satisfactory results throughout the week. A number of BOPP converters have started offering discounts on end product to attract more orders. “This signal that market has reached the peak and further correction might become necessary in the near term,” a trader commented.