04 August 2011 10:48 [Source: ICIS news]
SHANGHAI (ICIS)--China’s linear low density polyethylene (LLDPE) prices fell by 1.3% on Thursday as sharp falls in the LLDPE futures trade hampered buyer sentiment in the physical PE market, local distributors said.
Locally produced LLDPE was selling at yuan (CNY) 10,850-11,300/tonne ($1,685-1,755/tonne) EXWH (ex-warehouse) on Thursday, CNY150/tonne lower from Wednesday’s CNY11,000-11,450/tonne EXWH, according to Chemease, an ICIS service in China.
Liquidity on Dalian Commodity Exchange’s (DCE) LLDPE futures was focused on the January contract, which closed at CNY11,795/tonne, down 3.3% from Wednesday’s closing price of CNY12,180/tonne, according to data from DCE.
Some distributors in north China attributed the weaker physical LLDPE market to profit-taking and an increase in local supply after domestic producers resumed their offers for LLDPE this week.
Local producers had suspended their offers last week because they were expecting prices to increase, the distributors in north China said.
($1 = CNY6.44)
Additional reporting by Angie Li, Ingrid Fu and Lizzie Yu
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