China Morning Snapshot – 25 February 2021

Dalian Commodity Exchange traded positively this morning thanks to the support from the energy complex.

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

Compared to the previous trading day, local inventories at Sinopec and CNPC’s warehouses have digested 10,000 tons to 865,000 tons as of 25 February 2021.

Purchasing activities during the early trading hours are sluggish. Manufacturers continue to portray the lack of interest in making fresh replenishment while arbitrage traders are waiting on the sideline for better opportunity now that crude oil market gains substantially.

“The increases are only to reflect the firming futures market while manufacturers are still very calm. We hope the development would stimulate sentiment in the second half of the trading day,” a trader added.