28 September 2009 11:58 [Source: ICIS news]
SINGAPORE (ICIS news)--?xml:namespace>
The November polyvinyl chloride (PVC) contract fell by 2.4% to close at yuan (CNY) 6,290/tonne ($921/tonne), its lowest level since trading started in late May, according to data from the DCE.
Spot prices of carbide-based PVC in
With futures values now below spot prices, bearish speculators who were long on November contracts were probably keen to liquidate their positions ahead of the China National holidays, leading to the sell-off, a PVC trader said.
The November LLDPE contact, the most traded contract on Monday, closed at CNY9,540/tonne, largely unchanged from the previous settlement price, according to DCE data.
However, January LLDPE futures, the second most traded contract on Monday, closed at CNY9,435/tonne, CNY120/tonne or about 1.3% lower from Friday’s settlement price, as investors took profit ahead of the China National holidays.
($1 = CNY6.83)
Additional reporting by Chow Bee Lin
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