China Morning Snapshot – 08 January 2021
China Morning Snapshot – 08 January 2021
Dalian Commodity Exchange concluded the morning session in the red with May 2021 delivery contract for PP hit the lowest levels since 10 November 2020.
Details on the spot and futures prices are shown in the following table:
|
08 January 2021 |
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 7792 |
USD 1067 |
-CNY 158 |
-USD 24 |
|
LLDPE 2105 |
CNY 7525 |
USD 1031 |
-CNY 135 |
-USD 21 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 7950-8200 |
USD 1089-1123 |
-CNY 50 |
-USD 8 |
|
LLDPE (North China) |
CNY 7650-7900 |
USD 1048-1082 |
-CNY 50 |
-USD 8 |
|
**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 from the previous day to 625,000 tons as of 08 January 2021.
Local suppliers attempt to limit the extent of price reduction amid plunging futures trading. It is reported that transactions in the local ground are thin and buyers prefer to wait for larger cuts in the coming days.
“It is still uncertain on the holiday schedules among manufacturers. We hope demand would improve in the coming weeks once buyers confirmed the number of workers that would stay during the Lunar New Year holiday,” a trader said.