China Morning Snapshot – 21 August 2019

Dalian Commodity Exchange for futures PP and PE poses weaker range bound throughout 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 30,000 tons from yesterday at 750,000 tons as on 21 August 2019. (Yesterday’s inventory corrected to 780,000 tons)

Market sentiment continue to remain slow whereby even northern side, traders also informed that the buying interest from agricultural film makers are still lethargic, mostly just cover basic need and have no motivation to buy extra. Meanwhile, futures LL price continuously stay at the “floor price” which heavily impacted confidence level among buyers, while players also waiting for the announcement of July import statistic, whereby rumours saying the volume are higher than in June, while market continue to stay pessimistic on the outlook.