China Morning Snapshot - 30 November 2018

Dalian Commodity Exchange remains in the positive zone, however, the firming momentum is clearly loosing some steam.

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 from the previous trading day to 670,000 tons as on 30 November 2018.

Trading activities in domestic spot market is regular, sources said, citing the fact that many buyers are still having small inquiries for the immediate production need. Expectation calls for a more of a stabilizing market trend in local ground following the 180,000 tons drop in inventories on Sinopec and CNPC hands since the beginning of this week.

“Would the purchasing motion persist in the current pace, the need for replenishment in the coming weeks might be softer. We hope to see positive outcomes from the trade meeting between China and the USA, as it might support the market,” a trader said.