China Morning Snapshot - 29 October 2018

Dalian Commodity Exchange poses significant weak trend throughout the morning session since opening time whereby PP futures hitting the lowest level since 12 September 2018 while LL futures breached below the lowest level of 12 September, creating new low price since 17 July 2018. Details on the spot and futures prices are shown in the following table:

Total inventories at Sinopec and CNPC’s warehouses piled up 60,000 tons from last Friday at 815,000 tons as on 29 October 2018.

Market sentiment this morning were slow whereby buyers are taking wait and see stance on beginning of the new week with significant weak note on futures market this morning. Most of the sellers are stepping back on their offers, however failed to attract much buying interests as buyers mostly commented that they would like to monitor further for the trend in the afternoon later.