China Morning Snapshot – 18 August 2021
China Morning Snapshot – 18 August 2021
Trading sentiment on the Dalian Commodity Exchange started to dwindle this morning with the LLDPE contract fell into the negative territory following the persistently soft energy market.
Details on the spot and futures prices are shown in the following table:
|
18 August 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) |
||||
|
PP 2109 |
CNY 8568 |
USD 1170 |
+CNY 5 |
+USD 1 |
|
LLDPE 2109 |
CNY 8345 |
USD 1140 |
-CNY 50 |
-USD 8 |
|
Spot Domestic Prices (EXW China, Cash equivalent) |
||||
|
PPH (East China) |
CNY 8550-8600 |
USD 1168-1174 |
Stable |
Stable |
|
LLDPE (North China) |
CNY 8350-8450 |
USD 1140-1154 |
Stable |
Stable |
|
**All USD equivalent prices are exclusive of 13% VAT |
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Total inventories at Sinopec and CNPC’s warehouses fell 10,000 tons from the previous trading day to 715,000 tons as of 18 August 2021.
There have not been any major changes in the domestic spot market by mid of the week. Traders continue to maintain a firm stance on LDPE film cargoes given the supply tightness condition while buying interest in other grades has not caught up.
Market sources are cautiously bullish about the near to medium-term outlook citing the start of the manufacturing season to meet the local demand toward the year-end season.