China Morning Snapshot – 23 January 2019
China Morning Snapshot – 23 January 2019
HD Film LL C4 Film
Dalian Commodity Exchange has not regained any steam this morning, which pulling the sentiment in the spot market even lower.
Details on the spot and futures prices are shown in the following table:
|
22 January 2019 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
|
Dalian Commodity Exchange (Mid-day closing) |
|
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|
PP 1905 |
CNY 8782 |
USD 1115 |
-CNY 84 |
-USD 12 |
|
|
LLDPE 1905 |
CNY 8705 |
USD 1105 |
-CNY 55 |
-USD 8 |
|
|
Spot Domestic Prices (EXW China, Cash equivalent) |
|
|
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|
PPH (East China) |
CNY 9100-9200 |
USD 1155-1168 |
-CNY 50 |
-USD 7 |
|
|
LLDPE (North China) |
CNY 9000-9100 |
USD 1143-1155 |
Stable |
Stable |
|
|
**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.79 |
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Total inventories at Sinopec and CNPC’s warehouses reduced20,000 tons day on day to 530,000 tons as on 23 January 2019.
Despite a clear indication that market sentiment might only get weaker in the remaining of the week, many local suppliers refused to concede to large discount due to the lack of inventories pressure. By the mid of the week, sources are still not seeing the last-minutes purchasing activities that was much expected in the previous week.