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Morning Briefing - 10 Nov. 2023In China, following more active restocking activities for import homo-PP cargoes, buyers here also started seeking to import LLDPE film |
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CommoPlast
Morning Briefing
10 November 2023
Brent: $80.01 (+ $0.47)
WTI: $75.74 (+ $0.41)
Naphtha CFR Japan: - $8
Ethylene CFR NEA: - $5
Ethylene CFR SEA: - $5
Propylene FOB Korea: Stable
Propylene CFR China: Stable
*Data represent closing prices of the previous trading day
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A major Taiwanese producer is expected to postpone December PVC shipment offers to the fourth week of November as the key importing market – India will be off for the Diwali festival from 10 – 15 November.
Initial expectations called for a $30-50/ton hike in the new offers as reduced inventory pressure and an uptick in purchasing activities in the Indian market recently outweigh the nosedived crude oil costs.
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In China, following more active restocking activities for import homo-PP cargoes, buyers here also started seeking to import LLDPE film for the purpose of futures market hedging. Apparently, spot cargoes traded in the local market are now regarded as ‘expensive’ among arbitrage traders, but the recent appreciation of the Yuan against the US dollar makes imports more reasonable.
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