Apr 19, 2024 8:36 a.m.

Morning Briefing - 30 Jan. 2024

CommoPlast CommoPlast Asia Sdn Bhd
Post-holiday market outlook is bullish at the moment. Sources cited the rising upstream costs, coupled with the concerns over the supply crunch from the US are the primary support.
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Morning Briefing

30 January 2024

 

Brent: $82.40 (- $1.15)

WTI: $76.78 (- $1.23)

 

Naphtha CFR Japan: $737 (+ $33)

 

Ethylene CFR NEA: $910 (Stable)

Ethylene CFR SEA: $910 (Stable)

 

Propylene FOB Korea: $810 (Stable)

Propylene CFR China: $850 (+ $5)

 

*Data represent closing prices of the previous trading day 

 

www.commoplast.com     

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Trading sentiment in the domestic spot market in China started to weaken as a majority of buyers have completed pre-holiday replenishments and prefer to focus on delivery before the logistic partners suspended their services. 

Post-holiday market outlook is bullish at the moment. Sources cited the rising upstream costs, coupled with the concerns over the supply crunch from the US are the primary support. 

As of 29 January 2024, the combined PP and PE stocks housed under Sinopec and CNPC stood at 540,000 tons – way below the psychological threshold of 800,000 tons. 

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In Indonesia, a key domestic producer lifted spot PP and PE offers slightly from the previous week despite the falling demand. In the span of two weeks, the Rupiah depreciated 1.9% to 15,756 to a dollar on 29 January 2024. A weaker local currency elevated commodity traded in that currency. However, buyers are not entirely fixated on the currency fluctuations. Instead, attention is drawn to the ramifications of the shipping turmoil, which is beginning to impact monomer upstream prices.

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