China Morning Snapshot – 29 January 2019
China Morning Snapshot – 29 January 2019
LL C4 Film PPH Raf
The sentiment on Dalian Commodity Exchange sees little changes on the second trading day of the week. Both contracts PP and LLDPE remain in the negative territory and encourage spot suppliers to provide more discounts.
Details on the spot and futures prices are shown in the following table:
|
29 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 8657 |
USD 1106 |
-CNY 98 |
-USD 15 |
|
|
LLDPE 1905 |
CNY 8620 |
USD 1101 |
-CNY 80 |
-USD 12 |
|
|
Spot Domestic Prices (EXW China, Cash equivalent) |
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|
PPH (East China) |
CNY 8950-9050 |
USD 1143-1156 |
-CNY 50-100 |
-USD 7-15 |
|
|
LLDPE (North China) |
CNY 8800-9000 |
USD 1124-1149 |
-CNY 50 |
-USD 7 |
|
|
**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.75 |
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Total inventories at Sinopec and CNPC’s warehouses digested25,000 tons day-on-day to 605,000 tons as on 29 January 2019.
A number of traders and distributors are moving the remaining allocations to their warehouses given the fact that most converting buyers have suspended replenishment by now.
A distributor reported, “We received inquiries from traders but there are just too much of differential in sell and buy ideas. Cargoes purchased at the moment can only be delivered after Chap Goh Mei. Logistic companies have stopped taking orders, too.”