China Morning Snapshot – 26 March 2019
China Morning Snapshot – 26 March 2019
Dalian Commodity Exchange could not maintain the firm stance from the previous trading day and fall into the negative zone this morning.
Details on the spot and futures prices are shown in the following table:
|
26 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 8574 |
USD 1102 |
-CNY 19 |
-USD 3 |
|
|
LLDPE 1905 |
CNY 8400 |
USD 1079 |
-CNY 5 |
-USD 1 |
|
|
Spot Domestic Prices (EXW China, Cash equivalent) |
|
|
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|
PPH (East China) |
CNY 8750-8900 |
USD 1124-1143 |
Stable |
Stable |
|
|
LLDPE (North China) |
CNY 8600-8650 |
USD 1105-1111 |
Stable |
Stable |
|
|
**All USD equivalent prices are exclusive of 16% VAT |
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Exchange rate: USD 1 = CNY 6.71 |
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Total inventories at Sinopec and CNPC’s warehouses digested 25,000 tons day-on-day to 925,000 tons as on 26 March 2019.
Sentiment is local ground remains unchanged with buyers reported having comfortable inventories on hand and prefer to wait on the sideline. Despite the persistently bloated inventories levels among local producers, spot sellers hold strong hope that demand would be better after the Tomb Sweeping Festival due to the start of the manufacturing season.