China Morning Snapshot – 09 July 2019

Dalian Commodity Exchange for PP and LL opened with firm note however retreated significantly toward the second half of the morning session. Details on the spot and futures prices are shown in the following table:

Total inventories at Sinopec and CNPC’s warehouses reduced 10,000 tons from yesterday at 730,000 tons as on 09 July 2019.

Market sentiment is slow this morning whereby buyers mostly on the wait and see stance as the market is on the cautious stance, while local producers still holding a firm stance on their offers claiming low sales pressure, and some even try to limit the offers for LDPE with an intention to push for higher prices. Players said it seems market demand and buying sentiment are not following the firmer price trend these two days hence doubting if the rebound trend can sustain, meanwhile players monitoring more price adjustment in the afternoon, as import price also remain firm and limited offers at the same time.