18 September 2006 13:32 [Source: ICIS news]
LONDON (ICIS news)--Official plastic prices fell heavily again on the London Metal Exchange (LME) on Monday bringing falls over the last five trading days to $105/tonne or 8% for linear low density polyethylene and $85/tonne or 6.7% for polypropylene.
LldPE tumbled by $36 to $1,215/tonne and PP plunged $45 to $1,185.
Plastics futures prices have plummeted over the last five days of trading as oil prices fell, although crude recovered very slightly in morning trading on Monday.
October lldPE closed down $30 on the exchange on Friday to $1,240/tonne. PP also closed down $40, at $1,200/tonne.
Ten lots of lldPE and 33 of PP had traded on the exchange on Friday to the 17:00 GMT close. Each lot is 24.75 tonnes.
NYMEX crude prices were up $0.43 at $63.76/bbl, while Brent was $0.34 stronger at $63.67/bbl in late morning trading on Monday. Oil prices rose as the market was seen as oversold.
|LME Reference Price||1215||1185|
The LME official or reference prices are the offer prices for the first forward delivery month - in this case October 2006. Bid/offer prices are given in the table above for three forward months.
Prices shown are per tonne on an FOT (free on truck) basis delivered Rotterdam/Antwerp, Singapore and Houston.
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