23 February 2007 14:29 [Source: ICIS news]
LONDON (ICIS news)--The March polypropylene (PP) futures price climbed higher on the London Metal Exchange on Friday to $1,120/tonne (€852/tonne) but the $14 day-to-day rise contrasted with the $30 drop over the week.
Under pressure in light trading, the bid/offer spread on the contract widened. April and May official LME numbers were unchanged as were official prices on the March, April and May linear low density polyethylene (LLDPE) contracts.
The LLDPE official price was $1,120/tonne, unchanged from Monday.
Plastics futures trading had been muted all week during the Chinese Lunar New year holiday period.
Two lots of LLDPE had traded on Thursday and 31 lots of PP, according to broker reports. Each lot is 24.75 tonnes. March LLDPE and PP closed at $1,110/tonne on Thursday.
The outlook for Chinese polymer markets following the Chinese New year holiday was mixed, traders suggested.
There will be a gradual pick-up on demand as most converters normally return to full operation only after the Lantern Festival on 4 March. The packaging industry would enter a traditional low season after the holidays, they said.
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The project was widely expected to help boost the competitiveness of players alongside the pipeline route from the coast into
The LME confirmed on Thursday that its plastics contracts would trade in the same way as metals including cash tomorrow settlement and prompt dates for every business day out for three months, every Wednesday for months four, five and six and every third Wednesday in months seven to 15.
Friday 22 June will be the last day of the current prompt system. New regional contracts for Europe, North America and Asia as well as the new prompt date system will start trading on Monday 25 June.
The transition to full trading of the new prompt date system and the new contracts will take until Monday 16 July, the exchange said.
|LME Reference Price||1120||1120|
|May -07||1130|| |
Prices shown are per tonne on a FOT (free on truck) basis delivered Rotterdam/Antwerp,
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