China Morning Snapshot – 23 April 2019
China Morning Snapshot – 23 April 2019
Despite the multi-month highs energy market, sentiment on Dalian Commodity Exchange sees little changes this morning. Both PP and LLDPE contracts remain in the negative territory by the break-time.
Details on the spot and futures prices are shown in the following table:
|
23 April 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 1909 |
CNY 8671 |
USD 1114 |
-CNY 17 |
-USD 3 |
|
|
LLDPE 1909 |
CNY 8295 |
USD 1066 |
-CNY 35 |
-USD 5 |
|
|
Spot Domestic Prices (EXW China, Cash equivalent) |
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|
PPH (East China) |
CNY 8800-8900 |
USD 1131-1143 |
Stable |
Stable |
|
|
LLDPE (North China) |
CNY 8400-8550 |
USD 1079-1098 |
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 reduced 10,000 tons from yesterday to 940,000 tons as on 23 April 2019. (Correction: Total inventories on 22 April was at 950,000 tons).
Chinese buyers continue to procure cargoes based on need and in contrast to other markets; sentiment does not react strongly to the surging energy costs. Concern over the persistently soft purchasing interest ahead of the Labor Day holiday is getting intense, which give buyers an upper hand in negotiating for additional discounts.