China Morning Snapshot - 01 August 2018

Dalian CommodityExchange opened on a firm notes, yet retreated sharply by the end of the morning session. The development does not immediately pulling spot market down as local producers continue to maintain spot PP and PE prices on the stable to firmer track. 

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

On the other hand, traders are quicker in adjusting spot offers to ensure a smooth transaction. “The Chinese and the USA government started resuming the effort to resolve the trade war issues and this is a positive sign to the market. Customers are on the wait-and-see mood, leading to slower than usual trading activities. However, this condition might not prolong,” a trader said. 

Total inventories at Sinopec and CNPC’s warehouses surged 25,000 tons from the previous trading day to 710,000 tons as on 01 August 2018.