China Morning Snapshot - 18 December 2018
China Morning Snapshot - 18 December 2018
LL C4 Film PPH Raf
Contract number 1905 for PP and LLDPE on Dalian Commodity Exchange remain range-bound throughout the morning session, depicting some degree of insulation from the global equity market. Spot ground, therefore, continues to regain some strength.
Details on the spot and futures prices are shown in the following table:
|
18 December 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 8532 |
USD 1068 |
-CNY 35 |
-USD5 |
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|
LLDPE 1905 |
CNY 8565 |
USD 1072 |
+CNY 15 |
+USD2 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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|
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PPH (East China) |
CNY 9250-9350 |
USD 1157-1170 |
+CNY 50 |
+USD7 |
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LLDPE (North China) |
CNY 9200-9400 |
USD 1151-1176 |
Stable |
Stable |
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**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.90 |
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Total inventories at Sinopec and CNPC’s warehouses digested 35,000 tons from the prior trading day to 635,000 tons as on 18 December 2018.
Sentiment in local ground is rather steady but market does not seem to have enough stamina. The drop in the energy complex is hitting buyer confidence hard and many decided to be even more cautious.
More converters in the Qingdao and Dalian areas are planning to take off early for the Lunar New Year this time due to the lack of end product orders.