09 October 2009 15:21 [Source: ICIS news]
SINGAPORE (ICIS news)--Chinese linear low density polyethylene (LLDPE) and polyvinyl chloride (PVC) futures, driven by strong market sentiment, traded as much as 4.8% higher than the previous settlement price, industry sources said on Friday.
The November LLDPE contract closed 4.8% higher at yuan (CNY) 10,215/tonne ($1,496/tonne), up CNY485/tonne from the settlement price on 30 September, which was the last day of trading before ?xml:namespace>
The November PVC contract rose 1% to close at CNY6,395/tonne, buoyed mainly by the overnight rebound in crude benchmarks.
Strong international crude values, as well as local major PetroChina’s move to raise LLDPE offers by CNY100-200/tonne on Friday, boosted sentiment in both the physical and futures markets, futures brokers said.
Physical LLDPE trade, which this week was comprised of a few thousand tonnes of Asian material at $1,120-1,150/tonne CFR (cost and freight)
The limited increase in PVC futures reflected the subdued demand and bearish sentiment in the physical market, a local trader said.
($1 = CNY6.83)
Additional reporting by Ng Hun Wei
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