Chinese Market Bolstered on the First Day of Trading After Holidays
- 09-Feb-2022 5:50 PM
- Journalist: Xiang Hong
As the market activities resumed on 7th February 2022, after a week-long Lunar New Year holiday in China, the Chinese commodity futures witnessed exceptional gains on the very first day. The offers for more than 20 chemicals witnessed a substantial surge, amongst them LPG soar by 8.46%, Fuel Oil (lower Sulphur content), Asphalt rose witnessed a growth above 5%, and major polymers like Poly Vinyl Chloride (PVC), PE, Polypropylene (PP), Soda Ash, and Crude Oil surged by more than 4%. Whereas Styrene, Ethylene Glycol, Methanol, and several other commodities witnessed a gradual hike in future contracts.
The current market trend is likely to be expected after the holidays were over, due to the collective strength gained by the overseas players during the holidays. Whereas, the international market sentiments were remained strengthened as the Chinese market players were absent amidst the holidays. The impact strengthened the US stock market sentiments and Hong Kong stock market sentiments also.
In addition, the International Crude Oil market consistently soared and hits the seven years high, as the inventories were running historically low. As the spring festival ended the construction started and the demand expanded for the real state and infrastructure. In response, it impacted the whole supply-demand scenario in the Chinese domestic market and became a dominant factor impacting the offered quotations of numerous chemical commodities.