China Morning Snapshot – 30 January 2019
China Morning Snapshot – 30 January 2019
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Dalian Commodity Exchange recovers moderately from all the loses posted in the previous trading days. By the break time, both contracts for PP and LLDPE for May delivery added three digits in value but failed to stimulate the sentiment in spot ground.
Details on the spot and futures prices are shown in the following table:
|
30 January 2019 |
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 8813 |
USD 1135 |
+CNY 149 |
+USD 22 |
|
|
LLDPE 1905 |
CNY 8725 |
USD 1121 |
+CNY 110 |
+USD 16 |
|
|
Spot Domestic Prices (EXW China, Cash equivalent) |
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|
PPH (East China) |
CNY 8900-8950 |
USD 1143-1150 |
-CNY 50-100 |
-USD 7-15 |
|
|
LLDPE (North China) |
CNY 8800-9000 |
USD 1131-1156 |
Stable |
Stable |
|
|
**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.71 |
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Total inventories at Sinopec and CNPC’s warehouses piled up 20,000 tons day-on-day to 600,000 tons as on 30 January 2019.
Transactions in the spot market are dropping visibly amid the absence of buyers. By this time, not only manufacturers have left for the Lunar New Year holidays, but many traders, too.
“We managed to sell 200 tons quantity this morning. Customers are not around and not showing eager to ask for offer even with the discount available,” a trader said.