China Morning Snapshot – 29 April 2021
China Morning Snapshot – 29 April 2021
September delivery contracts for PP and LLDPE traded sluggishly toward the weekend, closing in the red by the end of today’s morning session.
Details on the spot and futures prices are shown in the following table:
|
29 April 2021 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
Combined and reported by CommoPlast |
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|
Dalian Commodity Exchange (Mid-day closing) |
||||
|
PP 2109 |
CNY 8539 |
USD 1168 |
-CNY 15 |
-USD 2 |
|
LLDPE 2109 |
CNY 8120 |
USD 1111 |
-CNY 50 |
-USD 7 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 8600-8750 |
USD 1176-1196 |
-CNY 50-100 |
-USD 7-15 |
|
LLDPE (North China) |
CNY 8200-8500 |
USD 1122-1163 |
-CNY 100 |
-USD 15 |
|
**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC’s reduced another 30,000 tons from the previous trading day to 695,000 tons as of 29 April 2021.
The market is entering the holiday mood with calmer sentiment and thinner transactions compared to the previous day. A number of traders complained about the weak sales results even after the discount because many manufacturers have let workers leave early for holiday amid the lack of end product demand.