China's PE futures slide 5% on double-dip recession fears

05 August 2011 03:31  [Source: ICIS news]

SINGAPORE (ICIS)--Linear low density polyethylene (LLDPE) futures on the Dalian Commodity Exchange (DCE) in China slid 5% on Friday morning as fears of another global economic recession triggered panic-selling, local futures brokers said.

The most actively traded January contract was transacted at yuan (CNY) 11,255/tonne ($1,748/tonne) on Friday morning, down CNY755/tonne or 5% lower from Thursday’s settlement at CNY11,845/tonne, DCE data showed.

According to the DCE’s trading rules, a transaction price established after a 5% fall from the preceding day’s settlement price becomes the floor price, and subsequent offers below this level are not accepted on the same trading day.

Concerns about a second downturn in the world economy led to sharp falls in crude futures and US equities overnight.

($1 = CNY6.44)


By: Chow Bee Lin
+65 6780 4359



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index