China Morning Snapshot - 13 December 2018
China Morning Snapshot - 13 December 2018
LL C4 Film PPH Raf
Dalian Commodity Exchange poses a firmer trend throughout the morning session. However, this is not enough to stop the domestic spot market from sliding for the fourth consecutive session.
Details on the spot and futures prices are shown in the following table:
|
13December 2018 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
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|
Dalian Commodity Exchange (Mid-day closing) |
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|
PP 1905 |
CNY 8430 |
USD 1058 |
+CNY 94 |
+USD14 |
|
|
LLDPE 1905 |
CNY 8440 |
USD 1059 |
+CNY 50 |
+USD7 |
|
|
Spot Domestic Prices (EXW China, Cash equivalent) |
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|
PPH (East China) |
CNY 9100-9200 |
USD 1142-1154 |
-CNY 50 |
-USD7 |
|
|
LLDPE (North China) |
CNY 9200-9400 |
USD 1154-1180 |
-CNY 50 |
-USD7 |
|
|
**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.87 |
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Total inventories at Sinopec and CNPC’s warehouses are unchanged from the prior trading day, at 635,000 tons as on 13 December 2018.
Trading activities in domestic spot market improve slightly by mid of the week, yet, converters refrain to hand-to-mouth purchases only. Market sources are watching out for further development on Dalian Commodity Exchange, with expectation that the trading platform might reach the stabilization stage soon, which could support the spot sentiment.