China Morning Snapshot – 22 June 2021
China Morning Snapshot – 22 June 2021
Major contracts on Dalian Commodity Exchange concluded the morning session in the positive territory, on the back of the resilient crude oil market.
Details on the spot and futures prices are shown in the following table:
|
22 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 8368 |
USD 1146 |
+CNY 96 |
+USD 15 |
|
LLDPE 2109 |
CNY 7965 |
USD 1091 |
+CNY 120 |
+USD 19 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 8400-8550 |
USD 1151-1171 |
+CNY 50 |
+USD 8 |
|
LLDPE (North China) |
CNY 7900-8200 |
USD 1082-1123 |
+CNY 50-100 |
+USD 8-15 |
|
**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC reduced 40,000 tons from the previous day to 710,000 tons as of 22 June 2021.
Trading sentiment remains steady on the second trading day of the week though sources informed of better transactions for PE than PP. “Even the weakest HDPE grade, we are able to conclude deals today. Buyers are more confident to make purchases after Dalian Commodity Exchange sustains the firming trend for two days straight,” a trader reported.
Meanwhile, Chinese buyers said that local supply for PE is curtailing while there are no serious concerns over the PP market at the moment as suppliers are unable to export the cargoes out.