11 September 2009 14:24 [Source: ICIS news]
SINGAPORE (ICIS news)--China’s linear low density polyethylene (LLDPE) and polyvinyl chloride (PVC) futures were largely stable on Friday due to a lack of price-moving news, local futures brokers said.
November LLDPE futures, the most actively traded contract on Friday, closed at yuan (CNY) 10,480/tonne ($1,534/tonne), CNY90/tonne higher than Thursday’s settlement, according to data from the Dalian Commodity Exchange (DCE).
November polyvinyl chloride (PVC) futures edged down just 0.4%, or CNY25/tonne, to close at CNY6,915/tonne. Rising crude values failed to inspire a similar rally in the paper market as sluggish spot demand continued to dampen buying sentiment during futures trading, a local PVC producer said
Data from the exchange meanwhile showed that 100,860 tonnes of PVC were being stored in seven the warehouses approved by the DCE, compared with just 29,275 tonnes a week ago. Producers holding long positions might be looking for physical delivery rather than cash settlement due to the lack of outlets in the spot market, a local PVC producer said.
($1 = CNY6.83)
With additional reporting by Ng Hun Wei
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