China Morning Snapshot – 17 December 2020
China Morning Snapshot – 17 December 2020
Dalian Commodity Exchange for both PP and PE poses range-bound throughout the morning session.
Details on the spot and futures prices are shown in the following table:
|
17 December 2020 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
Combined and reported by CommoPlast |
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|
Dalian Commodity Exchange (Mid-day closing) |
||||
|
PP 2105 |
CNY 8287 |
USD 1123 |
+CNY 9 |
+USD 1 |
|
LLDPE 2105 |
CNY 7815 |
USD 1059 |
+CNY 10 |
+USD 2 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 8450-8550 |
USD 1145-1159 |
Stable |
Stable |
|
LLDPE (North China) |
CNY 7900-8100 |
USD 1071-1098 |
Stable |
Stable |
|
**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC’s warehouses reduced 20,000 tons from the previous trading day to625,000 tons as of 17 December 2020.
Players have not responded to the positive trading futures market this morning. Sentiment in the local ground remains soft. Traders informed that sales are slow as customers would only procure small quantities while waiting for additional reductions.
The market is watching out for pre-Lunar New Year replenishment activities now that manufacturers would allow the first batch of workers to leave for the holiday by 10 January 2021.