China’s LLDPE futures rise on crude, positive economic data

13 September 2010 11:00  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures on the Dalian Commodity Exchange (DCE) rose 1.14% on Monday as higher crude futures and positive local economic data boosted investor sentiment, Chinese brokers said.

Liquidity focused on January with 734,972 contracts traded, closing at yuan (CNY) 10,620/tonne ($1,593/tonne), CNY120/tonne or 1.14% higher from the settlement price on 10 September, DCE data showed.

The significant gains in crude futures had a stronger influence over LLDPE futures as not all the economic data released last week were seen as positive factors for the futures markets, said CITIC Newedge Futures’ petrochemical sales assistant, Jack Hua.

August’s record high consumer prices were fuelling concerns about an imminent interest rate hike, which would in turn draw liquidity out of the commodity futures market and push futures prices lower, said Hua.

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By: Chow Bee Lin
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