China Morning Snapshot – 23 June 2021
China Morning Snapshot – 23 June 2021
For the thirst session in a row, Dalian Commodity Exchange traded in the positive territory, boosting market confidence in the domestic ground.
Details on the spot and futures prices are shown in the following table:
|
23 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 8495 |
USD 1160 |
+CNY 157 |
+USD 24 |
|
LLDPE 2109 |
CNY 7965 |
USD 1088 |
+CNY 40 |
+USD 6 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 8450-8600 |
USD 1154-1174 |
+CNY 50 |
+USD 8 |
|
LLDPE (North China) |
CNY 7900-8200 |
USD 1079-1120 |
Stable |
Stable |
|
**All USD equivalent prices are exclusive of 13% VAT |
||||
Total inventories at Sinopec and CNPC digested 30,000 tons from the previous day to 670,000 tons as of 23 June 2021. (Correction: Total stocks were at 700,000 tons on 22 June 2021. The previous Snapshot reported at 710,000 tons.)
Trading sentiment in the domestic ground holds steady with spot PP and PE prices continue to track the stable to firmer trend. Sources said that the spot market is unable to keep up with the sharp hike in the futures trading while buyers are not seeing concrete support for such increases.
“Customers do not seem confident that the current uptrend could persist, hence only purchase cargoes based on needs. Demand for PE remains healthier than PP,” a trader added.