China Morning Snapshot - 19 December 2018
China Morning Snapshot - 19 December 2018
LL C4 Film PPH Inj PPH Raf
May delivery contracts for both PP and LLDPE remain in the green side throughout the morning session, however, spot ground is moving in the opposite direction.
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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 8561 |
USD 1071 |
+CNY 37 |
+USD5 |
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LLDPE 1905 |
CNY 8625 |
USD 1079 |
+CNY 60 |
+USD9 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 9250-9300 |
USD 1157-1164 |
-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 6.89 |
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Details on the spot and futures prices are shown in the following table:
Total inventories at Sinopec and CNPC’s warehouses reduced 25,000 tons from the previous trading day to 620,000 tons as on 19 December 2018.
There has been information that customers in the Southern China area are planning to go off for Lunar New Year holiday as early as the second week of January due to the lack of end product orders. Traders are hoping to see some pre-holiday replenishment activities and open to negotiation with serious buyers.
“We expect to see more movement in the distribution market for the remaining of the month, since local producers have depleted a considerable amount of inventories. Buyers are slowing down, which might hurdle our effort to lift prices,” a trader commented.