China Morning Snapshot - 23 October 2018

Dalian Commodity Exchange remains range-bound 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 dropped 35,000 tons from the previous trading day to 810,000 tons as on 23 October 2018.

Domestic spot market is rather calm. Buyers continue sourcing hand-to-mouth basis while waiting for an additional discount to emerge. “Futures market has not shown any major improvement, and therefore, spot sellers might not have strong support to push prices up. It is the end of the month and we have already replenished comfortable stock, and prefer to slow down a little,” a buyer said.