China Morning Snapshot – 28 June 2021

Major contracts for September delivery continue to advance on the first trading day of the week, further supporting the sentiment in the spot ground. 

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

Total inventories at Sinopec and CNPC’s warehouses piled up 55,000 tons from last Friday to 665,000 tons as of 28 June 2021.

Trading sentiment in the domestic spot market has not shown any changes during the early hours of the first trading day of the week. Buyers are cautiously optimistic about the near-term outlook citing the constant support from the resilient crude oil and futures markets. 

“Inquiries for PE are stronger than PP at the moment while arbitrage traders are more active than manufacturers. We expect the prices to remain on the stable to firmer trend. Suppliers are just not facing much pressure now,” a trader added.