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China Morning Snapshot – 13 March 2019China Morning Snapshot – 13 March 2019 |
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Dalian Commodity Exchange remains in the positive territory this morning, however, the market is lack of a strong push.
Details on the spot and futures prices are shown in the following table:
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11 March 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 8842 |
USD 1136 |
+CNY 11 |
+USD 2 |
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LLDPE 1905 |
CNY 8720 |
USD 1120 |
+CNY 25 |
+USD 4 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8850-8900 |
USD 1137-1143 |
Stable |
Stable |
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LLDPE (North China) |
CNY 8750-8850 |
USD 1124-1137 |
Stable |
Stable |
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**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.71 |
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Total inventories at Sinopec and CNPC’s warehouses digested 30,000 tons from the previous trading day to 950,000 tons as on 13 March 2019.
While trading activities are steady, there has been a growing expectation that local PP and PE markets are capped from any drastic surge in the near-term given the conservative stance among converters and the persistent bloated inventory levels.
“Our sales drop slightly compared to the beginning of the week. Sentiment might not deteriorate too much but inventories must be digested quicker in order to shift the market,” a trader said.
Country
China
