China Morning Snapshot - 12 September 2018

Dalian Commodity Exchange extended the weakening trend this morning, which forced domestic spot suppliers to step back on offers for PP and PE from the previous trading day.

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

Total inventories at Sinopec and CNPC’s warehouses dropped 30,000 tons from yesterday to 740,000 tons as on 12 September 2018. 

Domestic buyers continue sourcing hand-to-mouth basis and most deals are reported at the lower end of the overall prices range. “We are in no rush to slash prices in the same extent as the futures market. Supply is not ample in the local ground while we are still able to achieve deals,” a trader said.