China Morning Snapshot – 21 June 2021

Dalian Commodity Exchange registered a substantial gain for the first time in days, further support the trading sentiment in the local ground.

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

Total inventories at Sinopec and CNPC piled up 60,000 tons throughout the weekend to 750,000 tons as of 21 June 2021.

Thanks to the active sentiment on the Dalian Commodity Exchange, sources said that local buyers are more willing to secure additional cargoes from the spot market, even at slightly higher price levels compared to the previous week. 

Spot LDPE film market continues to gain momentum, yet customers have purchased sufficiently and tend to resist further increases. “Trading activities might continue to improve if the futures market sustains the current firming trend. We think the market has hit the bottom, for now,” a trader added.