LME Plastics: Prices unmoved; trading light

03 April 2007 14:09  [Source: ICIS news]

LONDON (ICIS news)--Plastics futures prices on the London Metal Exchange were little changed on Tuesday amid light trading interest.

The LME’s official prices for plastics were unchanged at $1,180/tonne for linear low density polyethylene (LLDPE) and $1,240/tonne for polypropylene (PP). The forward curves on both contracts were flat. The bid offer spreads on the official prices for May, June and July PP were marginally lower.

LLDPE had closed on Monday up $20 compared to the Friday close at $1,170/tonne. PP had closed up $50 at $1,220/tonne, the prices reflecting higher priced crude.

The plastics contracts did not trade on Monday to the 18:00GMT close according to broker reports.

On the cash markets in Europe producers were confident of lifting PE prices in April. US PE and PP producers were strongly opposed to a San Francisco, California, proposed ban of non-biodegradable plastic bags.

PE prices were holding in Asia despite a slump in ethylene.

Date:		Contract:
03 April 2007		LLDPE				PP
LME Reference Price		1180				1240
Forward Prices:		Bid		Offer		Bid		Offer
May 2007		1160		1180		1210		1240
June 2007		1160		1180		1210		1240
July 2007		1160		1180		1210		1240

The LME official or reference prices are the offer prices for the first forward delivery month - in this case May 2007. Bid/offer prices are given in the table above for three forward months.

Prices shown are per tonne on a FOT (free on truck) basis delivered Rotterdam/Antwerp, Singapore and Houston.

($1 = €0.75)

By: Staff Reporter
+44 20 8652 3214

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