14 September 2009 12:57 [Source: ICIS news]
SINGAPORE (ICIS news)--China’s linear low density polyethylene (LLDPE) and polyvinyl chloride (PVC) futures fell as much as 5% on Monday due to trade tensions between China and US as well as concerns over credit tightening further, according to local futures brokers.
The announcement on 11 September by the US to levy additional tariffs on Chinese tyre imports triggered sharp falls in the natural rubber futures traded on the Shanghai Futures Exchange (SHFE), which in turn drove panic selling on the Dalian Commodity Exchange (DCE), the futures brokers said.
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In addition, discussions in the market that some local banks were being audited for how they had utilised funds from
According to local media reports,
Trading of November LLDPE futures on the DCE was halted in the afternoon session after falling by 5% to CNY9,975/tonne, according to data from the DCE.
According to the DCE’s trading rules, a transaction price established after a 5% fall from the preceding day’s settlement price becomes the floor price, and subsequent offers below this level are not accepted on the same trading day.
The November PVC contract closed 3.4% lower on Monday at CNY6,715/tonne, down CNY235/tonne from Friday’s settlement, according to DCE data.
($1 = CNY6.83)
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