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China Morning Snapshot – 11 February 2019China Morning Snapshot – 11 February 2019 |
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Dalian Commodity Exchange resumes trading after the long Lunar New Year holiday on a firm note, however, plunges into the red zone by the break-time.
Details on the spot and futures prices are shown in the following table:
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11 February 2019 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
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Dalian Commodity Exchange (Mid-day closing) |
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PP 1905 |
CNY 8731 |
USD 1115 |
-CNY 133 |
-USD 20 |
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LLDPE 1905 |
CNY 8640 |
USD 1103 |
-CNY 135 |
-USD 20 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8950-9000 |
USD 1143-1149 |
+CNY 50 |
+USD 7 |
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LLDPE (North China) |
CNY 8700-9000 |
USD 1111-1149 |
-CNY50 |
-USD7 |
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**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.75 |
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Total inventories at Sinopec and CNPC’s warehouses piled up 370,000 tons throughout the holiday to 1,040,000 tons as on 11 February 2019. This is about 40,000 tons lower than the post-holiday inventories levels in 2018, however, sources are watching out for the demand appetite before making any major decision.
Many converters in the country are still away and might only come back after the Chap Goh Mei on 19 February, creating a lack luster sentiment in the local ground. At the time this report is published, post-holiday replenishment activities are weak and mostly concentrated on LLDPE.
Country
China
