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Morning Briefing - 06 Dec. 2023The premium HDPE film used to carry over LLDPE film is now narrowed as the previous supply tightness has eased substantially. |
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CommoPlast
Morning Briefing
06 December 2023
Brent: $77.20 (-$0.83)
WTI: $72.32 (-$0.72)
Naphtha CFR Japan: $657 (+$6)
Ethylene CFR NEA: $860 (Stable)
Ethylene CFR SEA: $920 (-$20)
Propylene FOB Korea: $810 (Stable)
Propylene CFR China: $850 (Stable)
*Data represent closing prices of the previous trading day
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The local PE market in China extended the weakening trend though the decreases have been relatively small over the past several trading days. It is important to note that among the PE film grades, HDPE film seemed facing the highest pressure. The premium HDPE film used to carry over LLDPE film is now narrowed as the previous supply tightness has eased substantially.
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Trading sentiment in Indonesia remained elevated. A key local trader lifted spot HDPE and LLDPE film for the second time this week amid growing confusion among buyers since finished goods demand remains relatively lethargic.
Indonesian customers are monitoring closely the market development while actively checking on import offers before making decisions. The cautiousness remained prevalent. Buyers are not willing to build lengthy stocks amid heightening uncertainties heading into the General Election.
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