China Morning Snapshot - 27 November 2018

Dalian Commodity Exchangeregains some balance in today’s morning session, however, not strong enough to alter the bearish sentiment in the domestic spot market.  

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

Total inventories at Sinopec and CNPC’s warehouses digested 40,000 tons from the previous trading day to 820,000 tons as on 27 November 2018.

Sources reported that buyers in Southern China market are returning to make some replenishment this morning after two consecutive sessions of price cuts that trim off CNY400-450/ton ($58-65/ton) from spot homo-PP prices from last Friday. “The situation is not very bright in Eastern and Northern China. Buyers are actively asking for prices but not serious about buying,” a trader opines.