China Morning Snapshot – 02 April 2019
China Morning Snapshot – 02 April 2019
LL C4 Film PPH Inj PPH Raf
Dalian Commodity Exchange remains in the positive territory after ended the night trading session on a strong note. Spot market, therefore, gains some support to hold stable to firm.
Details on the spot and futures prices are shown in the following table:
|
02 April 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 8745 |
USD 1122 |
+CNY 66 |
+USD 9 |
|
|
LLDPE 1905 |
CNY 8465 |
USD 1086 |
+CNY 55 |
+USD 8 |
|
|
Spot Domestic Prices (EXW China, Cash equivalent) |
|
|
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|
PPH (East China) |
CNY 8750-8900 |
USD 1122-1142 |
Stable |
Stable |
|
|
LLDPE (North China) |
CNY 8600-8650 |
USD 1103-1110 |
+CNY 50 |
+USD 7 |
|
|
**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.72 |
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Total inventories at Sinopec and CNPC’s warehouses reduced 30,000 tons from yesterday to 900,000 tons as on 02 April 2019.
Trading activities remain steady in the local ground. Customers have not responded very strongly to the recent surge in the energy market and higher prices are tougher to attract deals. “This is because buyers were initially expecting lower prices as a result of lower VAT rate. As market turn firmer, customers decided to take wait and see stance,” a trader said.