China Morning Snapshot – 19 July 2021
China Morning Snapshot – 19 July 2021
Dalian Commodity Exchange settled the morning session with sharp increases from the previous day, pushing sentiment in the spot market.
Details on the spot and futures prices are shown in the following table:
|
19 July 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 8574 |
USD 1171 |
+CNY 189 |
+USD 29 |
|
LLDPE 2109 |
CNY 8480 |
USD 1158 |
+CNY 195 |
+USD 30 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 8450-8600 |
USD 1154-1174 |
+CNY 50 |
+USD 8 |
|
LLDPE (North China) |
CNY 8300-8450 |
USD 1134-1154 |
+CNY 50 |
+USD 8 |
|
**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC’s warehouses accumulated 30,000 tons throughout the weekend to 735,000 tons as of 19 July 2021.
Trading sentiment picks up visibly throughout the early trading hours of the day with support from the rebounded futures market. Sources said that traders scramble to look for competitive cargoes in anticipation of higher prices in the second half of the day.
“We think buyers would need to return to the market before prices increase further. There are some bullish prospects to the market,” a trader said.