China Morning Snapshot - 03 December 2018
China Morning Snapshot - 03 December 2018
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Dalian Commodity Exchange surged strongly in the morning session thanks to the positive sentiment following the meeting between the USA and the Chinese officials.
Details on the spot and futures prices are shown in the following table:
|
03 December 2018 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
|
Dalian Commodity Exchange (Mid-day closing) |
|
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|
PP 1901 |
CNY 8952 |
USD 1109 |
+CNY 242 |
+USD35 |
|
|
LLDPE 1905 |
CNY 8400 |
USD 1040 |
+CNY 85 |
+USD12 |
|
|
Spot Domestic Prices (EXW China, Cash equivalent) |
|
|
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|
PPH (East China) |
CNY 9150-9250 |
USD 1133-1146 |
+CNY 150-200 |
+USD22-29 |
|
|
LLDPE (North China) |
CNY 9150-9250 |
USD 1133-1146 |
+CNY 50-150 |
+USD7-22 |
|
|
**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.86 |
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Total inventories at Sinopec and CNPC’s warehouses piled up 60,000 tons from last Friday to 730,000 tons as on 03 December 2018.
The domestic spot market is sharing the similar sentiment in the futures ground. Customers are encouraged to make replenishment following the optimistic outcomes of the China-USA trade talk, and though questions on the sustainability remain in place, trade movement is smoother.
“Local market is very active. We worried that prices might continue moving firmer in the coming days and therefore, we have purchased some cargoes this morning,” a local trader said.