Dalian PVC futures hit record high on bullish sentiment

11 August 2009 12:41  [Source: ICIS news]

SINGAPORE (ICIS news)--Polyvinyl chloride (PVC) futures prices on China’s Dalian Commodity Exchange (DCE) have reached a record high for the second time in just over a week as bullish market sentiment showed few signs of ebbing, traders and producers said on Tuesday.

Prices for the November contracts – the most actively traded among the 11 PVC futures contracts available – rose 2.35% to yuan (CNY) 7,850/tonne ($1,149/tonne).

The last record high for November contracts, CNY7,735/tonne, was reached on 3 August.

Trading volume for the November contracts also rose 70% from the 10 August level to a record high of 878,176, according to data from the DCE.

Prices for the September contract, which is the first of the 11 contracts to expire, rose 2.28% to CNY7,630/tonne.

Market players attributed the rising prices to bullish market sentiment coupled with a mix of easy credit and speculative fervour.

($1 = CNY6.83)

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By: Ng Hun Wei
+65 6780 4359

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