China Morning Snapshot - 26 November 2018

Dalian Commodity Exchange slipped deeper into the Bear market throughout this morning session, which lends a hand in pushing the spot ground lower. 

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

Total inventories at Sinopec and CNPC’s warehouses piled up 50,000 tons from last Friday to 860,000 tons as on 26 November 2018.

Spot homo-PP that once traded at a premium over LLDPE film has now lost its steam. The sentiment is soft though buyers do send in inquiries for a small quantity. It appears that local producers are facing inventories pressure following reports on bloated availabilities among coal-based makers. 

“The recent plunge in the energy complex is rather a bad news. Our customers become less active today and so far, we have not seen any strong factor that could support a rebound,” a trader commented.