China Morning Snapshot - 06 August 2018

Dalian Commodity Exchange slows down a little on the first trading hours of the week, however, the sentiment in domestic spot market remains strong. 

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

It is interesting that the domestic spot market has hit the CNY10,000/ton (1262/ton without VAT) for the first time since CommoPlast started recording spot local index since 2016. While it is good news for suppliers, many converters are unable to accommodate such high prices.

“Buyers are actively checking on new offers but very reluctant to make fresh purchases. Sales for PE are more solid,” a trader informed.  

Total inventories at Sinopec and CNPC’s warehouses piled up 45,000 tons from last Friday to 710,000 tons as on 06 August 2018.