China Morning Snapshot - 17 September 2018

Dalian Commodity Exchange poses a firmer trend 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 55,000 tons throughout the weekend to 755,000 tons as on 17 September 2018.

Sentiment in the local market is not strong as part of the Southern area is paralyzed following the super typhoon Mangkhut. Major roads are obstructed by fallen tree and debris and inter-city transportations remain shut. Several warehouses in the Zhusanjiao area are flooded, soaking some quantity of polyolefins pallets.

In other area, buyers continue seeking lower costs homo-PP parcels amid tightening local supply. “In the meantime, local producers are pushing quantity to distribution market ahead of the Mid-Autumn Festival. We are becoming less confident about the pre-holiday replenishment activities,” a trader commented.