China Morning Snapshot – 31 December 2020
China Morning Snapshot – 31 December 2020
Dalian Commodity Exchange rebounded this morning, the first real gains since the beginning of the week.
Details on the spot and futures prices are shown in the following table:
|
31 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) |
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|
PP 2105 |
CNY 7988 |
USD 1084 |
+CNY 51 |
+USD 8 |
|
LLDPE 2105 |
CNY 7625 |
USD 1035 |
+CNY 110 |
+USD 17 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 8000-8200 |
USD 1086-1113 |
+CNY 50 |
+USD 8 |
|
LLDPE (North China) |
CNY 7650-7900 |
USD 1038-1072 |
+CNY 50-100 |
+USD 8-15 |
|
**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC’s warehouses piled up 10,000 tons in the previous trading day to 580,000 tons as of 31 December 2020. (Correction: Total inventories on 30 December 2020 were at 570,000 tons. The previous Snapshot reported at 585,000 tons).
The firmer futures market supported the spot market to firm up, however, there is very limited movement in the local market as players have mostly taken leave for the long weekend holiday. “Customers only purchase a few tons to meet the immediate need. The largest sales we achieved this morning was one container,” a trader said.
More trading activities are expected in the coming week.