18 November 2010 09:44 [Source: ICIS news]
(Recasts lead paragraph.)
The most actively traded May LLDPE contract closed at yuan (CNY) 12,220/tonne ($1,840/tonne) on Thursday, CNY445/tonne or 3.8% higher from Wednesday’s settlement.
In the physical market, imported LLDPE was trading at CNY10,700-10,800/tonne in northern
These were CNY300-500/tonne higher than on Wednesday, they said.
Traders’ sales of various origins of LLDPE imports were mostly at $1,350/tonne CFR (cost & freight)
“End-users are more willing to accept prices at this level today,” an importer based in eastern
“At last the futures have started to see a recovery. Otherwise, the bearish sentiment would continue to last until the end of the week,” the importer added.
The dive in LLDPE futures, which started on 10 November, was due to an announcement by the Chinese central bank late that day that it would raise banks' reserve ratio by half a percentage point in an effort to curb accelerating inflation.
Most local distributors agreed that trading activity was still scant this week.
End-users would definitely need to restock amid lean inventories during the seasonal peak demand from the local agricultural film application sector, the distributors added.
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