China Morning Snapshot – 10 July 2019
China Morning Snapshot – 10 July 2019
LL C4 Film PPH Raf
Dalian Commodity Exchange for PP and LL poses weak range-bound throughout the morning session.
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10 July 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 |
8780 |
$1128 |
83 |
$12 |
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|
LLDPE 1909 |
7930 |
$1019 |
135 |
$20 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
8800-8900 |
$1130-1143 |
Stable |
Stable |
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LLDPE (North China) |
7800-8150 |
$1002-1047 |
100 |
$14 |
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**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.89 |
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Total inventories at Sinopec and CNPC’s warehouses reduced 5,000 tons from yesterday at 725,000 tons as on 10 July 2019.
Market sentiment remained weak with the continuous weaker futures market, while players mostly on the cautious stance to wait and see. Traders are actively offering discounts and prices to the market, however, received poor feedback from customers, except LDPE is still comparatively better due to limited supply. Some players informed that recently several warehouses in East China started to see some inventory accumulation as some traders face difficulties to deplete cargoes these two days as a result of weaker buying activities.