Crude Closes Lower at $103.90/bbl; China Polymer Futures Also Correct
Crude oil ended the latest session lower, while China polymer futures also witnessed a correction. Despite the latest decline, crude remains significantly higher compared with levels seen at the beginning of September.
Market Snapshot
- Crude Oil: $103.19/bbl â–Ľ 1.56%
- USD/INR: â‚ą96.06 â–˛ 0.20%
Two-Week Market Movement | 03–18 September
- Over the two-week period, crude oil increased 8.74%, moving from $95.52 to $103.87/bbl.
- China polymer futures, however, showed a much more moderate response. PP increased 1.42%, from 1,124 to 1,140 CNY/MT, while LLDPE gained 0.46%, moving from 1,090 to 1,095 CNY/MT.
- PVC moved in the opposite direction, declining 6.78% from 664 to 619 CNY/MT.
What Does the Trend Show?
- Crude Support: Crude gained strongly over the period, rising from $95.52 to $103.87/bbl.
- China Market Divergence: PP and LLDPE retained only modest two-week gains despite stronger crude, while PVC moved in the opposite direction and declined 6.78%.
- Latest Correction: The 18 September decline across China polymer futures suggests that crude is not the only factor driving polymer pricing. Demand conditions, inventories, feedstock dynamics and broader market sentiment can also influence futures.
PolyMart Perspective
Near-term markets may remain volatile. Buyers can closely monitor crude oil, China polymer markets and USD/INR while comparing delivered costs and maintaining balanced inventory.
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Disclaimer:
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