China Morning Snapshot – 21 January 2021
China Morning Snapshot – 21 January 2021
Both PP and LLDPE contracts for May 2021 delivery remain largely stable this morning, following the new record high in the international equity market.
Details on the spot and futures prices are shown in the following table:
|
21 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 8103 |
USD 1108 |
0 |
0 |
|
LLDPE 2105 |
CNY 7775 |
USD 1063 |
+CNY 45 |
+USD 6 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 8150-8450 |
USD 1115-1156 |
Stable |
Stable |
|
LLDPE (North China) |
CNY 7800-7950 |
USD 1067-1087 |
Stable |
Stable |
|
**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC’s warehouses digested 20,000 tons day-on-day to 520,000 tons as of 21 January 2021.
Apparently, manufacturers have completed replenishment activities for this week, resulting in a more sluggish sentiment toward the end of the week. Players are monitoring the holiday schedules among local manufacturers with the hope that buyers would make another round of replenishment moving forward.