China Morning Snapshot – 23 December 2020
China Morning Snapshot – 23 December 2020
Dalian Commodity Exchange for both PP and PE poses a significant weak trend throughout the morning session.
Details on the spot and futures prices are shown in the following table:
|
23 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 8194 |
USD 1109 |
-CNY 183 |
-USD 28 |
|
LLDPE 2105 |
CNY 7755 |
USD 1049 |
-CNY 125 |
-USD 19 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 8350-8450 |
USD 1130-1143 |
-CNY 200 |
-USD 31 |
|
LLDPE (North China) |
CNY 7800-8050 |
USD 1055-1089 |
-CNY 50-100 |
-USD 8-15 |
|
**All USD equivalent prices are exclusive of 13% VAT |
||||
Total inventories at Sinopec and CNPC’s warehouses digested 15,000 tons from the previous trading day to 625,000 tons as of 23 December 2020.
Sentiment in the local market remains sluggish, market sources said, as buyers refused to make replenishment albeit lower spot offers from most local suppliers. Traders are losing hope that buyers would make large purchases in January ahead of the Lunar New Year holiday as the manufacturing sector would be off earlier and longer than usual.
“We are seeing bearish outlook in January and February, however, March would be a much stronger month, especially for PE grades,” a trader said.