China Morning Snapshot - 13 September 2018

Dalian Commodity Exchange regains some strength toward the end of the week and managed to enter the green zone by the mid-day closing time. Details on the spot and futures prices are shown in the following table:

Total inventories at Sinopec and CNPC’s warehouses dropped 20,000 tons from the previous trading day to 720,000 tons as on 13 September 2018. 

Converters in the country are still showing no eager to make large replenishment despite the holiday season is drawing near. “Sales are steady, but we were expecting some strong upticks. Customers are waiting for discounts,” a trader commented. 

Such condition is stirring speculation among traders that there might be ‘last minutes’ purchases, and therefore, tend to hold firm on the offers. “Anyway, supply is not ample, especially for homo-PP yarn,” another source added.