China Morning Snapshot – 15 March 2021

Both PP and LLDPE contracts on Dalian Commodity Exchange opened the new week on a strong note, but shred some of the gains toward the mid-day closing. 

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

Throughout the weekend, total stocks at Sinopec and CNPC’s warehouses accumulated 50,000 tons to 945,000 tons as of 15 March 2021.

Buyers shrugged off the fact that the near-term outlook would remain firm as suppliers are not facing inventory pressure and continue to focus on the export ground. Transactions remain sluggish during the early hours of the first trading day of the week after news that several local producers have postponed the maintenance shutdown schedule due to healthy profit margins.