China Morning Snapshot – 07 December 2020

Dalian Commodity Exchange extended the firming trend from last Friday to close the morning session on a positive note. 

Details on the spot and futures prices are shown in the following table:

Compared to late last week, the total stocks at Sinopec and CNPC’s warehouses piled up 60,000 tons to 720,000 tons as of 7 December 2020.

Local suppliers are responding to the rebound on the futures market to implement some increases on spot PP and PE cargoes. however, buyers remain largely reluctant to make new purchases.

“We expect customers to make replenishment in the coming days as the general market sentiment has improved thanks to the strong energy complex. In the meantime, inventories are still manageable,” a trader said.