China Morning Snapshot - 24 October 2018

Dalian Commodity Exchange persists in the red zone this morning, which continue casting bearish effect on the spot ground

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

Total inventories at Sinopec and CNPC’s warehouses digested another 35,000 tons day on day, to 775,000 tons as on 24 October 2018.

Buyers remain conservative about the large purchases believing that more discount shall become available in the near term considering the current upstream condition. “Sales for PE are still acceptable, however, PP is rather sluggish. Local producers are pushing inventories to the distribution market, and therefore, the reduction in Sinopec and CNPC’s stock does not fully reflect the actual market condition,” a trader added.