China’s plastics futures fall further on weak physical trade

25 September 2009 13:13  [Source: ICIS news]

SINGAPORE (ICIS news)--China linear low density polyethylene (LLDPE) and polyvinyl chloride (PVC) futures traded as much as 1.5% lower on Friday as sharp falls in the physical markets dampened sentiment, industry sources said.

The November LLDPE contact closed at CNY9,520/tonne on Friday, CNY145/tonne or about 1.5% lower from the previous day’s settlement price, according to data from the Dalian Commodity Exchange (DCE).

Imported LLDPE was discussed below $1,200/tonne CFR (cost and freight) China this week, as much as $40/tonne lower from the previous week, according to global chemical market intelligence service ICIS pricing.

November PVC futures meanwhile fell by 1.4% from Thursday’s settlement level to close at CNY6,440/tonne on the back of persistently poor demand in the physical market, a local PVC trader said. The number of open positions also fell to its lowest since late-July, reflecting the sluggish trading sentiment in the futures market, the trader added.

($1 = CNY6.83)

Additional reporting by Ng Hun Wei

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By: Chow Bee Lin
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