China’s polymers futures trading at DCE largely stable

16 September 2009 10:50  [Source: ICIS news]

SINGAPORE (ICIS news)--China’s linear low density polyethylene (LLDPE) and polyvinyl chloride (PVC) futures remained largely stable on Wednesday in the absence of significant fresh market developments, traders and producers said.

November LLDPE futures, the most actively traded contract on Tuesday, closed at yuan (CNY) 10,040/tonne ($1,470/tonne), or 0.5% higher than Tuesday’s settlement, according to data from the Dalian Commodity Exchange (DCE).

The November PVC contract meanwhile moved by a same percentage, closing at CNY6,780/tonne from Tuesday’s settlement of CNY6,745/tonne.

PVC futures players shrugged off price movements in the crude and domestic stock markets, preferring to focus instead on the extremely thin trading and stable discussion levels heard in the local PVC spot market, a local PVC producer said.

Crude benchmarks in New York made overnight gains of more than $2/bbl while China’s main stock index, the Shanghai Composite Index, shed 1.1% to close at 2999.71 during Wednesday trading.

($1 = CNY6.83)

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By: Ng Hun Wei
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