China Morning Snapshot – 18 April 2019
China Morning Snapshot – 18 April 2019
The Dalian Commodity Exchange remains indifferent about positive headlines regarding China’s GDP growth rate in Q1 and the progressive trade talks with the USA.
Details on the spot and futures prices are shown in the following table:
|
18 April 2019 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
|
Dalian Commodity Exchange (Mid-day closing) |
|
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|
PP 1909 |
CNY 8700 |
USD 1121 |
-CNY 26 |
-USD 4 |
|
|
LLDPE 1909 |
CNY 8420 |
USD 1085 |
-CNY 55 |
-USD 8 |
|
|
Spot Domestic Prices (EXW China, Cash equivalent) |
|
|
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|
PPH (East China) |
CNY 8850-8950 |
USD 1140-1153 |
-CNY 50 |
-USD 7 |
|
|
LLDPE (North China) |
CNY 8500-8700 |
USD 1095-1121 |
-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 6.69 |
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Total inventories at Sinopec and CNPC’s warehouses reduced 10,000 tons from the previous trading day to 910,000 tons as on 18 April 2019.
Chinese buyers have another reason to remain cautious about making new purchases at the moment. Apparently, traders are receiving very low bids from customers following the additional drop in the futures market.
“In any case, the local ground is still more competitive than imports at the moment. Buyers would have to replenish once inventories run low,” a trader said.