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China Morning Snapshot – 19 May 2021China Morning Snapshot – 19 May 2021 |
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Dalian Commodity Exchange extended the weakening trend throughout the morning session on the back of the falling crude oil market.
Details on the spot and futures prices are shown in the following table:
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19 May 2021 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
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Combined and reported by CommoPlast |
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Dalian Commodity Exchange (Mid-day closing) |
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PP 2109 |
CNY 8564 |
USD 1179 |
-CNY 185 |
-USD 29 |
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LLDPE 2109 |
CNY 7885 |
USD 1085 |
-CNY 175 |
-USD 27 |
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Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8600-8800 |
USD 1184-1211 |
-CNY 100-150 |
-USD 16-23 |
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LLDPE (North China) |
CNY 8000-8300 |
USD 1101-1142 |
-CNY 100-150 |
-USD 16-23 |
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**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC’s warehouses digested 10,000 tons from the previous trading day to 755,000 tons as of 19 May 2021.
The lackluster sentiment in the domestic spot market intensifies by mid of the week as buyers prefer to wait on the sideline due to soft end product orders and cloudy near-term outlook. “It appears that customers have procured sufficiently. We only managed to forward sell some quantities at lower levels,” a trader reported.
The export window might open again in the near term would local prices continue to fall, widening the price gap with the stabilizing Southeast Asian market.
