China Morning Snapshot - 21 August 2018

Dalian Commodity Exchange opened with firm note while poses weaker trend toward the end of the morning session. Details on the spot and futures prices are shown in the following table:

Total inventories at Sinopec and CNPC’s warehouses reduced 20,000 tons from yesterday at 790,000 tons as on 21 August 2018.

Market sentiment remain weak in the morning whereby buyers are mostly on the sideline wait and see, while traders are trying to offer discounts in the market. Some players informed that the expectation of upcoming cargoes arrival in August-September period might be lesser than previous months, hence hoping for price rebound opportunity in coming weeks.