Dalian futures respond to temporary truce between China and US
by ChemOrbis Editorial Team - content@chemorbis.com
PP, LLDPE and PVC futures on the Dalian Commodity Exchange opened the week with increases as China and the US agreed to halt new trade tariffs for 90 days in a meeting convened after the G20 summit in Buenos Aires, Argentina.
On December 3, futures were up by CNY45/ton ($6/ton) for LLDPE and by CNY100/ton ($14/ton) for PVC while PP futures witnessed a larger increase of CNY272/ton ($39/ton) when compared to the last settlement day on November 30.
A few traders operating in Shanghai confirmed that the market sentiment has cautiously improved on the back of positive news from the G20 about a suspension in trade tensions between the US and China.
“We are still cautious about making fresh purchases, yet the sentiment is recovering this week in line with the recent gains in crude oil futures. We heard that overall polyolefin supplies in China are lower, which is another sign that the market is ready to rebound,” a seller commented.
On December 3, futures were up by CNY45/ton ($6/ton) for LLDPE and by CNY100/ton ($14/ton) for PVC while PP futures witnessed a larger increase of CNY272/ton ($39/ton) when compared to the last settlement day on November 30.
A few traders operating in Shanghai confirmed that the market sentiment has cautiously improved on the back of positive news from the G20 about a suspension in trade tensions between the US and China.
“We are still cautious about making fresh purchases, yet the sentiment is recovering this week in line with the recent gains in crude oil futures. We heard that overall polyolefin supplies in China are lower, which is another sign that the market is ready to rebound,” a seller commented.
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