China Morning Snapshot - 05 November 2018

Dalian Commodity Exchange recorded some rebound during the early trading hours of the first trading day of the week. Spot local market, therefore, gains some support this morning.

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 to 810,000 tons as on 05 November 2018.

Sentiment is looking brighter on the first trading day of the week and though transactions for PP remain weak, traders are expressing satisfactory sales result for LLDPE and LDPE film. 

“We managed to firm up PE offers by CNY50/ton ($7/ton) and still can close deals. This could signal the possibility that the market has hit the bottom. Import ground could gain some support if the local market could sustain the current trend,” said, a local trader.