China Morning Snapshot – 30 July 2021

Dalian Commodity Exchange continues to advance on the final trading day of the week with supports from the crude oil markets.

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

Total inventories at Sinopec and CNPC’s warehouses fell 10,000 tons from the previous trading day to 645,000 tons as of 30 July 2021.

There are limited movements in the domestic spot market as local producers stop offering for month-end. On the Shenhua auction platform, there are only two off-grade PP cargoes available. 

Chinese traders are optimistic about the market outlook in the first half of August citing the lack of import arrivals and low inventories pressure among local suppliers. Meanwhile, traders are monitoring the export market to seize any opportunity that arises.