China Morning Snapshot – 15 June 2021

Dalian Commodity Exchange PP and PE opened with a firm note but retreated throughout the morning session. 

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

Total inventories at Sinopec and CNPC piled up 90,000 tons from last Friday to 780,000 tons as of 15 June 2021. Players said the accumulation for 3 days holiday is within expectations.

There is limited movement on the first trading day of the week as players await important announcements from the Production Safety Conference in Beijing, which could impact both upstream and downstream productions. 

“Buyers did not immediately ask for discounts, but rather wait on the sideline. The inventory accumulation is not too high, which could support the market from any major swing moving forwards,” a trader reported.