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Morning Briefing - 15 Nov. 2023Trading sentiment in China remained dwindling on the second day of the week and the unchanged local PP and PE inventory levels highlighted the lack of purchasing activities. |
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CommoPlast
Morning Briefing
15 November 2023
Brent: $82.47 (- $0.05)
WTI: $78.26 (Stable)
Naphtha CFR Japan: $651
Ethylene CFR NEA: $860
Ethylene CFR SEA: $940
Propylene FOB Korea: $815
Propylene CFR China: $855
*Data represent closing prices of the previous trading day
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Trading sentiment in China remained dwindling on the second day of the week and the unchanged local PP and PE inventory levels highlighted the lack of purchasing activities. Spot offers inched another CNY50/ton lower, yet buyers showed limited interest in making large purchases amid the lethargic futures market and soft finished-goods demand.
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In Indonesia, customers seemed more interested in replenishing PP cargoes from the import market now that the exchange rates have somewhat stabilised. Several deals for non-dutiable Vietnamese homo-PP yarn have been reported while other buyers continue to haggle for more discounts with buying ideas emerging at close to the $900/ton mark.
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