Local PP prices regain some lost ground in China
A trader based in Shanghai stated, “Local PP prices opened the week with an increase of CNY100/ton ($16/ton). We believe that these increases are mostly speculative and will not prove lasting over the medium term, although the short term outlook remains firm. We are tracking movements in energy costs to set our medium to long term expectations.” Another trader also reported seeing firmer local prices at the start of the week. “We attribute the recent increases to rising futures prices and we believe that the market will remain firm until the end of the month,” the trader added.
Locally-held homo-PP injection and raffia cargoes currently stand at CNY8500-8900/ton ex-warehouse China, cash equivalent basis inc VAT ($1188-1244/ton without VAT). May PP futures prices on the Dalian Commodity Exchange are up CNY319/ton ($52/ton) week over week as of the close of trading on Tuesday, March 24.
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