China Morning Snapshot - 10 September 2018

Dalian Commodity Exchange poses firm stance especially PP throughout the morning session. Details on the spot and futures prices are shown in the following table:

Total inventories at Sinopec and CNPC’s warehouses piled up 70,000 tons over the weekend at 810,000 tons as on 10 September 2018. 

Sentiment in the domestic spot market holds relatively stable thanks to the positive support from futures trading. Converters are seeking competitive cargoes, though purchases are aimed to meet immediate needs only.

“These two weeks are crucial. There shall be pre-holiday replenishment and we are monitoring cautiously if demand meets expectations,” a trader commented.