China Morning Snapshot - 03 September 2018

By the mid-day closing time, January delivery contract for both PP and LLDPE on Dalian Commodity Exchange loses three digits in value, which in turn depressing the spot ground.

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

Total inventories at Sinopec and CNPC’s warehouses piled up 110,000 tons throughout the weekend, to 845,000 tons as on 03 September 2018.

Despite the price cuts from the major local producers, buyers in the country are more attracted to cargoes offered by arbitrage traders after futures market plunged from the multi-year high levels. “The reduction at the beginning of the month could be a healthy start. Buyers might become more active, especially the manufacturing season is here,” a trader commented.