China Morning Snapshot – 04 January 2021

Both PP and LLDPE contracts traded in the positive territory on Dalian Commodity Exchange this morning, riding on the historically high international equity market. 

Details on the spot and futures prices are shown in the following table:

Total inventories at Sinopec and CNPC’s warehouses piled up 145,000 tons throughout the holiday to 725,000 tons as of 04 January 2021.

Trading activities in the local market are rather mediocre during the early trading hours of the first trading of the year. A number of manufacturers in Northern and Eastern China are gradually coming back from the environmental control and electricity limitation, however, remain cautious when it comes to large purchases. 

In the meantime, small-scale manufacturers started to let workers take off for the Lunar New Year holidays citing the lack of end product orders.