- A Chinese PP producer stated to SSESSMENTS.COM that crude oil prices have been rallying over the Labor Day holiday. On Tuesday, May 5, crude oil prices surged 20% as optimism on a recovery in demand and ongoing OPEC production cuts provided a cushion for prices from falling further. Following an uptrend in crude oil prices and stronger futures market, the producer initiated a price increase of CNY100/ton ($14/ton) for local PP Homo Raffia prices as compared to last Thursday’s level. As the market sentiment is bullish, the producer managed to secure some deals at the initial offer level at CNY8,000/ton ($1,132/ton) on cash, EXW China basis and including 13% VAT. The producer shares optimism for demand and economic recovery as market activity in many parts in China is slowly returning to normal.
- In the futures market, SSESSMENTS.COM noted an increase in PP prices in the Dalian Commodity Exchange on-post Labor Day holiday. As of Wednesday, May 6, September 2020 PP prices on the Dalian Commodity Exchange increased by CNY231/ton ($32.5/ton) as observed at 2.30 PM GMT+8, open at CNY7,106/ton ($1,006/ton) by morning trading session.
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