SINGAPORE (ICIS) – China’s petrochemical futures markets were mixed Thursday morning as demand could remain weak despite further easing of the country’s COVID-19 restrictions.
China petrochemical futures prices in CNY/ton at 11:30 Beijing time (3:30 GMT)
| product | December 8th | % change from previous session |
|
styrene |
8,095 |
1.5% |
|
Monoethylene Glycol (MEG) |
3,937 |
0.2% |
|
Linear Low Density Polyethylene (LLDPE) |
7,993 |
-0.3% |
|
Polypropylene (PP) |
7,647 |
-0.7% |
|
Polyvinyl chloride (PVC) |
6,091 |
0.1% |
|
methanol |
2,464 |
-0.4% |
|
Purified Terephthalic Acid (PTA) |
5.008 |
1.5% |
Source: Dalian Commodity Exchange, Zhengzhou Commodity Exchange
“We don’t see a strong recovery in demand for commodities in the near term,” said Zhang Junfeng, an analyst at brokerage firm China Merchant Securities.
“Consumer confidence still needs time to rebuild,” Zhang said.
Late on December 7, the Chinese government announced 10 measures to streamline its COVID-19 policy, including allowing people with mild or no symptoms to quarantine at home and lifting testing requirements for domestic travelers.
Meanwhile, all kinds of temporary restrictions that have usually resulted in business closures or lockdowns are no longer allowed.
These changes are seen as the most sweeping adjustments to the government’s zero-COVID-19 policy and, for many, a de facto full reopening of the country.
($1 = CNY6.98)
(rewritten throughout for clarity)
Thumbnail: Taken on December 7, 2022 in Jingtang Port District of Tangshan Port in Tangshan City, north China’s Hebei Province. (Source: Xinhua/Shutterstock)
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