China Morning Snapshot – 24 December 2020
China Morning Snapshot – 24 December 2020
Major contracts for May 2021 delivery settled the morning session on Dalian Commodity Exchange in the positive territory.
Details on the spot and futures prices are shown in the following table:
|
24 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 8260 |
USD 1118 |
+CNY 49 |
+USD 7 |
|
LLDPE 2105 |
CNY 7855 |
USD 1063 |
+CNY 90 |
+USD 14 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 8350-8450 |
USD 1130-1143 |
Stable |
Stable |
|
LLDPE (North China) |
CNY 7800-8050 |
USD 1055-1089 |
Stable |
Stable |
|
**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC’s warehouses reduced 5,000 tons day-on-day to 620,000 tons as of 24 December 2020.
Market players reported some improvements in purchasing activities toward the weekend. Buyers are more active in checking on new offers, however, deals are mostly back-to-back and with discounts, depending on the quantity purchased.
Sources are not optimistic about the near-term outlook as the electricity shortage is worsening with the condition in Zhejiang would only improve by early January.