China Morning Snapshot – 02 April 2021

Both PP and LLDPE contracts for May 2021 delivery registered stronger rebound throughout the morning session, as traders bet on positive economic data and prospect of the new stimulus package in the US.  

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

On the previous day, total inventories at Sinopec and CNPC’s warehouses digested 40,000 tons to 805,000 tons as of 2 April 2021.

Players reported mediocre movement in the local market as players embrace the holiday mood. Officially, the China market is off from 3 – 5 April 2021 for Tomb Sweeping, and the market would resume on 6 April. However, a number of manufacturers elected to extend the holiday period to six (6) days claiming lacking end product orders.

“Buyers are not responding positively to the new prices. We would see more movement in the coming week; however, we do not expect any major price increases considering the still weak demand conditions,” a trader added.