China Morning Snapshot – 19 February 2019
China Morning Snapshot – 19 February 2019
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Following the uptrend in the global equity market, Dalian Commodity Exchange rises to the positive territory this morning. Sources are hoping to see the trend to persist in the near term, which could potentially support spot market sentiment.
Details on the spot and futures prices are shown in the following table:
|
19 February 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 8730 |
USD 1110 |
+CNY 90 |
+USD 13 |
|
|
LLDPE 1905 |
CNY 8625 |
USD 1097 |
+CNY 95 |
+USD 14 |
|
|
Spot Domestic Prices (EXW China, Cash equivalent) |
|
|
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|
PPH (East China) |
CNY 8650-8750 |
USD 1110-1113 |
Stable |
Stable |
|
|
LLDPE (North China) |
CNY 8600-8800 |
USD 1093-1119 |
+CNY 50 |
+USD 7 |
|
|
**All USD equivalent prices are exclusive of 16% VAT |
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|
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Exchange rate: USD 1 = CNY 6.78 |
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Total inventories at Sinopec and CNPC’s warehouses digested 35,000 tons from the previous trading day to 1,080,000 tons as on 19 February 2019. (Correction: Total inventories were at 1,115,000 tons on 18 February 2019).
It is reported that demand in local market has improved visibly in line with the return of more buyers. Customers are showing better interest in cargoes priced at the lower end of the overall price range. Suppliers believed that market is set for a rebound within this week.
“We are monitoring the number of inquiries and might implement additional hike in the second half of the day if customers continue showing healthy demand,” a trader commented.