China Morning Snapshot – 13 August 2021
China Morning Snapshot – 13 August 2021
September delivery contracts on Dalian Commodity Exchange struggle to remain on the firming track as crude oil took a dive on cloudy demand outlook, taking into account the spread of the Delta variant of the coronavirus.
Details on the spot and futures prices are shown in the following table:
|
13 August 2021 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
Combined and reported by CommoPlast |
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|
Dalian Commodity Exchange (Mid-day closing) |
||||
|
PP 2109 |
CNY 8510 |
USD 1162 |
-CNY 19 |
-USD 3 |
|
LLDPE 2109 |
CNY 8295 |
USD 1133 |
+CNY 20 |
+USD 3 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 8500-8600 |
USD 1161-1174 |
-CNY 50 |
-USD 8 |
|
LLDPE (North China) |
CNY 8300-8450 |
USD 1134-1154 |
+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’s warehouses digested 15,000 tons in the previous trading day to 680,000 tons as of 13 August 2021.
Trading sentiment cools off on the final trading day of the week, including the LDPE film market as buyers made sufficient purchases and withdraw to the side-line to monitor further development. Traders expected the market to hover around the current levels in the coming days citing the low inventory pressure among both local and international suppliers.