China Morning Snapshot – 25 January 2019
China Morning Snapshot – 25 January 2019
HD Film LL C4 Film PPH Inj PPH Raf
Dalian Commodity Exchange moved out of the red zone this morning, but the momentum is still too loose for any significant rebound. Domestic spot market continues to dim ahead of the Spring Festival.
Details on the spot and futures prices are shown in the following table:
|
25 January 2019 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
|
Dalian Commodity Exchange (Mid-day closing) |
|
||||
|
PP 1905 |
CNY 8791 |
USD 1119 |
+CNY 40 |
+USD 6 |
|
|
LLDPE 1905 |
CNY 8725 |
USD 1111 |
+CNY 45 |
+USD 7 |
|
|
Spot Domestic Prices (EXW China, Cash equivalent) |
|
|
|||
|
PPH (East China) |
CNY 9050-9150 |
USD 1152-1165 |
-CNY 50 |
-USD 7 |
|
|
LLDPE (North China) |
CNY 8850-9000 |
USD 1127-1146 |
-CNY 100 |
-USD 15 |
|
|
**All USD equivalent prices are exclusive of 16% VAT |
|
|
|
||
|
Exchange rate: USD 1 = CNY 6.77 |
|||||
Total inventories at Sinopec and CNPC’s warehouses piled up 5,000 tons from the previous trading day to 525,000 tons as on 25 January 2019.
Domestic spot market is rather calm generally, as most converters started to take off for the Lunar New Year. It is expected that market might slow down further in the coming week, however, suppliers refused to concede to any large discount claiming lack of inventories pressure.