China Morning Snapshot - 11 December 2018
China Morning Snapshot - 11 December 2018
LL C4 Film PPH Inj PPH Raf
Following the international equity market, the Dalian Commodity Exchange plunges into the negative zone this morning.
Details on the spot and futures prices are shown in the following table:
|
11 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 8882 |
USD 1108 |
-CNY 189 |
-USD27 |
|
|
LLDPE 1905 |
CNY 8380 |
USD 1045 |
-CNY 125 |
-USD18 |
|
|
Spot Domestic Prices (EXW China, Cash equivalent) |
|
|
|||
|
PPH (East China) |
CNY 9250-9350 |
USD 1154-1166 |
-CNY 250 |
-USD36 |
|
|
LLDPE (North China) |
CNY 9300-9450 |
USD 1160-1179 |
Stable |
Stable |
|
|
**All USD equivalent prices are exclusive of 16% VAT |
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|
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Exchange rate: USD 1 = CNY 6.91 |
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Total inventories at Sinopec and CNPC’s warehouses digested 15,000 tons from the previous trading day to 635,000 tons as on 11 December 2018.
Weaker sentiment pushes domestic suppliers to concede to larger discount on spot cargoes despite the strengthening upstream propylene costs and lower inventories pressure.
“Our customers remain inactive. There might be another round of strong replenishment in January before market goes off for the Lunar New Year. In the meantime, we hope to maintain homo-PP prices above the CNY9000/ton threshold throughout the month of December,” a trader commented.