China Morning Snapshot – 18 June 2021
China Morning Snapshot – 18 June 2021
Major contracts for September delivery on the Dalian Commodity Exchange took a steep dive during the early trading hours but managed to recoup some losses by the end of the morning session.
Details on the spot and futures prices are shown in the following table:
18 June 2021 |
Prices in CNY |
USD Equivalent |
Changes in CNY |
Changes in USD |
Combined and reported by CommoPlast |
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Dalian Commodity Exchange (Mid-day closing) |
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PP 2109 |
CNY 8232 |
USD 1129 |
-CNY 27 |
-USD 4 |
LLDPE 2109 |
CNY 7740 |
USD 1062 |
+CNY 25 |
+USD 4 |
Spot Domestic Prices (EXW China, Cash equivalent) |
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PPH (East China) |
CNY 8300-8500 |
USD 1139-1166 |
-CNY 50 |
-USD 8 |
LLDPE (North China) |
CNY 7700-7950 |
USD 1056-1091 |
+CNY 50 |
+USD 8 |
**All USD equivalent prices are exclusive of 13% VAT |
Total inventories on major local producers’ hands fell 10,000 tons from the previous day to 690,000 tons as of 18 June 2021.
There have not been major changes in trading activities in the local PP and PE market as buyers have made sufficient purchases over the past couple of days and prefer to wait on the side-line. Sources are not confident in the near-term market outlook citing the dwindling futures trading as well as manufacturers’ inability to export end products due to the shipping issues.