LME Plastics: LLDPE and PP prices fall back

21 May 2007 16:36  [Source: ICIS news]

LONDON (ICIS news)--Linear low density polyethylene (LLDPE) and polypropylene (PP) futures prices were both lower on the London Metal Exchange on Monday, losing some of the gains made last week.

 

The official LLDPE price was down $10 at $1,210/tonne. The official PP price was also $10 lower, at $1,280/tonne.

 

Prices had moved higher last week as crude oil and naphtha prices increased.

 

On Friday the June LLDPE contract closed unchanged at $1,210/tonne but June PP was bid up to close at $1,280/tonne.

 

Trading on the contracts, however, remained light, with no LLDPE or PP traded for the second day on Friday according to broker reports.

 

The big news on the cash markets on Monday was the acquisition by SABIC for $11.6bn of GE's plastics business. The move drives SABIC downstream into polycarbonate and engineering polymers and gives it a strong foothold in engineering plastics in the US.

Date:

 

Contract:

 

 

 

 

 

 

21 May 2007

 

LLDPE

 

 

 

PP

 

 

LME reference price

 

1210

 

 

 

1280

 

 

 

 

 

 

 

 

 

 

 

Forward prices

 

Bid

 

Offer

 

Bid

 

Offer

June 2007

 

1190

 

1210

 

1260

 

1280

July 2007

 

1205

 

1225

 

1260

 

1280

August 2007

 

1215

 

1235

 

1260

 

1280

 

The LME official or reference prices are the offer prices for the first forward delivery month – in this case June 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 = €0.74)

 


By: Staff Reporter
+44 20 8652 3214



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