China Morning Snapshot – 26 April 2024
China Morning Snapshot – 26 April 2024
Key PP and LLDPE futures on the Dalian Commodity Exchange experienced a rebound. Prices held steady, maintaining unchanged levels from the previous day.
Details on the spot and futures prices are shown in the following table:
|
26 April 2024 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
Combined and reported by CommoPlast |
||||
|
Dalian Commodity Exchange (Mid-day closing) |
||||
|
PP 2409 |
CNY 7607 |
USD 929 |
+CNY 42 |
+USD 6 |
|
LLDPE 2409 |
CNY 8437 |
USD 1030 |
+CNY 76 |
+USD 10 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 7550-7650 |
USD 922-934 |
+CNY 50 |
+USD 7 |
|
LLDPE (North China) |
CNY 8350-8550 |
USD 1019-1044 |
Stable |
Stable |
|
**All USD equivalent prices are exclusive of 13% VAT
|
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As of 26 April 2024, the total domestic inventory for Sinopec and CNPC saw a reduction of 5,000 tons compared to Thursday, amounting to 750,000 tons.
Meanwhile, buying sentiment remained bleak as the weekend approached as many market players were either on the sidelines or sourced hand-to-mouth materials only before Labour Day next Wednesday with anticipation of abundant inventory accumulation, which is expected to drive prices downward.
“Market feedback is rather soft today so we decided not to make any significant price adjustments. Instead, our main focus now is to heedfully monitor the market and sell as much as we possibly can before the holidays,” shared a local trader.