Morning Briefing - 01 Nov. 2023
CommoPlast
Morning Briefing
01 November 2023
Brent: $87.41 (- $0.04)
WTI: $81.02 (- $1.29)
Naphtha CFR Japan: $647 (- $1)
Ethylene CFR NEA: $880 (Stable)
Ethylene CFR SEA: $970 (Stable)
Propylene FOB Korea: $805 (Stable)
Propylene CFR China: $840 (Stable)
*Data represent closing prices of the previous trading day
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The Chinese PP and PE market witnessed limited movement at the start of the week as players awaited an official announcement from China's Central Financial Conference, which took place on 30 – 31 October. In the meantime, key contracts on the Dalian Commodity Exchange gained support from bullish expectations that the government would inject more stimulus.
Real demand remains sluggish. Several converters in the agricultural film sector reported a reduction in new orders by 30-40% compared to the same period last year.
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In Indonesia, the constantly weakening Rupiah against the US dollar posed heightened challenges to overseas suppliers. Buyers deliberated new purchases while the near-term demand outlook was clouded by the political uncertainties associated with the upcoming election.
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