China Morning Snapshot – 22 December 2020
China Morning Snapshot – 22 December 2020
Dalian Commodity Exchange for both PP and PE poses stronger rebound trend throughout the morning session.
Details on the spot and futures prices are shown in the following table:
|
22 December 2020 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
Combined and reported by CommoPlast |
||||
|
Dalian Commodity Exchange (Mid-day closing) |
||||
|
PP 2105 |
CNY 8450 |
USD 1142 |
+CNY 50 |
+USD 8 |
|
LLDPE 2105 |
CNY 7860 |
USD 1062 |
+CNY 80 |
+USD 12 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 8550-8650 |
USD 1155-1169 |
+CNY 50 |
+USD 8 |
|
LLDPE (North China) |
CNY 7900-8100 |
USD 1067-1094 |
Stable |
Stable |
|
**All USD equivalent prices are exclusive of 13% VAT |
||||
Compared to the previous trading day, the total inventories at Sinopec and CNPC’s warehouses digested 25,000 tons to 640,000 tons as of 22 December 2020.
Local buyers continue to source small quantities regardless of the rebound in the futures trading. Sources said that the market would remain rangebound toward the end of the week as the holiday mood kicks in.
“Local inventories remain low; therefore, suppliers are still unwilling to offer large discounts. At the moment, the trading sentiment is very calm,” a trader reported.