China Morning Snapshot – 17 June 2021

Both PP and PE contracts on Dalian Commodity Exchange ended the morning session with minor gains with support from the energy complex. 

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

Total inventories at Sinopec and CNPC fell 50,000 tons from the previous trading day to 700,000 tons as of 17 June 2021.

Trading sentiment in the local ground holds steady though sources said that traders are more active in making replenishment after depleted a good number of LDPE and LLDPE film cargoes in the previous day. 

As the government escalates the efforts to stabilize the commodity market, Chinese market participants believed that the Dalian Commodity Exchange would less likely to register any drastic increases in the near term, which in turn might help to keep the spot trading ground stable.