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PP spot-futures basis narrowed down continuously since early-Nov, and the current spot price was almost equal to and even discount with futures. It was mainly due to the continuous weakness of the spot market. PP futures had rebounded 350yuan from end-Nov to early-Dec, while the spot only rose 50yua
With more and more plants restarting recently, the liquidity of spot sources has been improved and the spot-futures (the Jan futures contract) basis has been narrowed down gradually. Even in East China, the firmest region, its regional price spread is expected to narrow after the restarts of Ningbo
