China Morning Snapshot - 25 December 2018
China Morning Snapshot - 25 December 2018
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Following the steep plunge in the global equity market, the Dalian Commodity Exchange falls deeper into the red-zone this morning. The sluggish sentiment has encouraged domestic spot sellers to offer additional discount from the previous trading day.
Details on the spot and futures prices are shown in the following table:
|
25 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 8278 |
USD 1037 |
-CNY 124 |
-USD18 |
|
|
LLDPE 1905 |
CNY 8410 |
USD 1054 |
-CNY 110 |
-USD16 |
|
|
Spot Domestic Prices (EXW China, Cash equivalent) |
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|
PPH (East China) |
CNY 8950-9050 |
USD 1121-1134 |
-CNY 100 |
-USD15 |
|
|
LLDPE (North China) |
CNY 9050-9250 |
USD 1134-1159 |
-CNY 50 |
-USD7 |
|
|
**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.88 |
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Total inventories at Sinopec and CNPC’s warehouses digested 25,000 tons day on day to 635,000 tons as on 25 December 2018.
Customers started to become more inactive following the plunge in the energy complex and the futures trading. Several traders claim that it is difficult to attract buying interest even with the discount available.
“Besides, buyers are on the holiday mood. Trading activities are rather slow at the moment,” a trader added.