China Morning Snapshot - 21 December 2018
China Morning Snapshot - 21 December 2018
LL C4 Film PPH Inj PPH Raf
Both PP and LLDPE contracts for May delivery on Dalian Commodity Exchange fall deeper into the red territory this morning, which affects the sentiment in the spot market.
Details on the spot and futures prices are shown in the following table:
|
21 December 2018 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
|
Dalian Commodity Exchange (Mid-day closing) |
|
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|
PP 1905 |
CNY 8442 |
USD 1056 |
-CNY 107 |
-USD16 |
|
|
LLDPE 1905 |
CNY 8590 |
USD 1074 |
-CNY 45 |
-USD7 |
|
|
Spot Domestic Prices (EXW China, Cash equivalent) |
|
|
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|
PPH (East China) |
CNY 9150-9200 |
USD 1145-1151 |
-CNY 100 |
-USD15 |
|
|
LLDPE (North China) |
CNY 9050-9300 |
USD 1132-1164 |
-CNY 100 |
-USD15 |
|
|
**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.89 |
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Total inventories at Sinopec and CNPC’s warehouses digested 15,000 tons from the previous day to 590,000 tons as on 21 December 2018.
Trading activities in the country remain mediocre on the final day of the week. It appears that traders are more active in making replenishment, despite the bearish outlook that many fear in the January.
“Market is calm and we do not expect any abrupt movement in the coming week. We are waiting to see if the pre-Lunar New Year replenishment would be strong,” a trader said.