China Morning Snapshot – 27 November 2025

The January 2026 contract of PP and LLDPE futures on the Dalian Commodity Exchange traded in a softer, range-bound pattern during the morning session.

Domestic inventories fell by 5,000 tons to 650,000 tons as of 27 November, yet the reduction provided little support to sentiment. 

Spot activity remained muted, with sellers widening discounts to align with the softer tone in the futures market. Market sources noted that many producers have already allocated most of their monthly quotas, leaving limited material for spot buyers. 

“Customers are seeking price indications, likely due to reports of further discounts,” said a local distributor. “Actual transactions are still restricted to immediate-need purchases, with most buyers waiting for clearer signals ahead of month-end.”

Traders highlighted that clearing cargoes has become increasingly difficult, and the outlook for early December suggests limited upside. Prices are expected to remain under pressure, requiring further adjustments before a stable floor can emerge.

Written by: Kat Yun Yun

Edited by: Farid Muzaffar