China Morning Snapshot – 16 June 2021
China Morning Snapshot – 16 June 2021
Both PP and LLDPE contracts on Dalian Commodity Exchange ended the morning session higher with support from the energy complex.
Details on the spot and futures prices are shown in the following table:
|
16 June 2021 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
|
Combined and reported by CommoPlast |
||||
|
Dalian Commodity Exchange (Mid-day closing) |
||||
|
PP 2109 |
CNY 8293 |
USD 1147 |
+CNY 90 |
+USD 14 |
|
LLDPE 2109 |
CNY 7730 |
USD 1069 |
+CNY 60 |
+USD 9 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 8350-8550 |
USD 1155-1182 |
+CNY 50 |
+USD 8 |
|
LLDPE (North China) |
CNY 7700-7950 |
USD 1065-1099 |
+CNY 50 |
+USD 8 |
|
**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC digested 30,000 tons from the previous trading day to 750,000 tons as of 16 June 2021.
Trading activities in the domestic spot market remain calm and steady on the second trading day after the Dragon Boat Festival with buyers continues to source hand-to-mouth basis. The slight upward adjustments for both PP and PE cargoes face stiff resistance from buyers, from which most deals in the distribution market are at unchanged levels from the previous day.
Meanwhile, several small-scale manufacturers in Eastern China have reportedly shut down temporarily due to the inability to ship out end-product cargoes amid the container shortages.