China Morning Snapshot – 19 March 2019
China Morning Snapshot – 19 March 2019
Trading activities on Dalian Commodity Exchange show some signs of stabilizing this morning, however, May delivery contract for both PP and LLDPE still struggle to regain real strength.
Details on the spot and futures prices are shown in the following table:
|
19 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 8528 |
USD 1094 |
+CNY 4 |
+USD 0.6 |
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|
LLDPE 1905 |
CNY 8380 |
USD 1075 |
-CNY 10 |
-USD 1 |
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|
Spot Domestic Prices (EXW China, Cash equivalent) |
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|
PPH (East China) |
CNY 8650-8700 |
USD 1110-1116 |
Stable |
Stable |
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|
LLDPE (North China) |
CNY 8550-8650 |
USD 1097-1110 |
-CNY 100 |
-USD 15 |
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**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.72 |
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Total inventories at Sinopec and CNPC’s warehouses digested 5,000 tons day-on-day to 990,000 tons as on 19 March 2019.
Customers are more active is requesting for new offers, just yet the number of actual deal reported remains below expectation. Buyers are procuring while waiting at the same time, which does not help in stimulating the sentiment.