China Morning Snapshot – 07 June 2021
China Morning Snapshot – 07 June 2021
In spite of the strong energy complex, major contracts on Dalian Commodity Exchange continue to fall on the first trading day of the week, signaling the lack of risk appetite among Chinese investors.
Details on the spot and futures prices are shown in the following table:
|
07 June 2021 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
Combined and reported by CommoPlast |
||||
|
Dalian Commodity Exchange (Mid-day closing) |
||||
|
PP 2109 |
CNY 8139 |
USD 1125 |
-CNY 177 |
-USD 28 |
|
LLDPE 2109 |
CNY 7590 |
USD 1050 |
-CNY 160 |
-USD 25 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 8400-8550 |
USD 1162-1182 |
-CNY 100 |
-USD 16 |
|
LLDPE (North China) |
CNY 7650-7950 |
USD 1058-1099 |
-CNY 100-150 |
-USD 16-23 |
|
**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC piled up 65,000 tons from last Friday to 745,000 tons as of 07 June 2021.
Sentiment in the domestic spot market tracks the softening trend during the early trading hours of the day, though market players are hoping for better buying activities in the coming days before the Dragon Boat Festival.
It is reported that the electricity issues in the Southern China area have been eased with manufacturers are now allowed to operate six days a week. “This is good news. Buyers would be more confident in making replenishment,” a trader reported.