China Morning Snapshot - 18 September 2018

Dalian Commodity Exchange maintains the firmness throughout the morning session despite the trade threat from the USA. Details on the spot and futures prices are shown in the following table:

Total inventories at Sinopec and CNPC’s warehouses dropped 45,000 tons day-on-day to 710,000 tons as on 18 September 2018. 

More customers come back to ask for offers, especially for homo-PP following the persistent firmness in the futures market. Sources said this could be the beginning of the pre-holiday replenishment campaign and decided to lift spot prices to reflect the market condition.

“Sales are smooth this morning. Spot homo-PP might see additional rebound in the coming days thanks to healthier purchasing interest. Customers also asking for LLDPE film at the moment, though real deals are not as strong as PP,” a trader reported.