China Morning Snapshot – 01 February 2021

Major contracts on Dalian Commodity Exchange concluded the morning session in the negative territory, following the slide on the energy complex.

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 from last Friday to 605,000 tons as of 01 February 2021. 

Sentiment in the local ground is soft during the early trading hours of the first trading day of the month.Buyers including manufacturers and arbitrage traders are waiting on the sideline for clearer market direction as downstream operating rates reduced. 

Sources said that logistics are tightened amid the lack of track drivers and strict inter-province crossing. Cargoes purchased this week might only be delivered after the holidays.