China Morning Snapshot – 28 December 2020
China Morning Snapshot – 28 December 2020
Despite the positive news in the crude oil market and the successful post-Brexit trade deal between the Britain and EU, Dalian Commodity Exchange continues to slide this morning.
Details on the spot and futures prices are shown in the following table:
|
25 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 8062 |
USD 1091 |
-CNY 134 |
-USD 20 |
|
LLDPE 2105 |
CNY 7670 |
USD 1038 |
-CNY 120 |
-USD 18 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 8250-8400 |
USD 1116-1137 |
-CNY 50-150 |
-USD 8-23 |
|
LLDPE (North China) |
CNY 7650-7950 |
USD 1035-1076 |
-CNY 50-150 |
-USD 8-23 |
|
**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC’s warehouses piled up 85,000 tons throughout the weekend to 650,000 tons as of 28 December 2020.
Trading sentiment in the domestic ground dives on the first day of the week. A number of traders informed of not having achieved sales target for the month, from which they are more willing to negotiate with serious buyers to deplete more cargoes before the long weekend holiday.