01 September 2011 11:17 [Source: ICIS news]
The most actively traded contract for January 2012 was traded at yuan (CNY) 10,815/tonne ($1,695/tonne) on Thursday, down by CNY250/tonne or 2.23% lower from the settlement on 31 August at CNY11,065/tonne, the DCE data showed.
About 2.05m tonnes of LLDPE or 821,460 contracts were traded for delivery in January 2012, the data showed.
“The gloomy economic outlook is outweighing the bullish impact of the firm crude futures [on the market], which led [LLDPE] futures to decline,” a Zhejiang-based broker said.
“On the whole, most futures products in
“We foresee this decline as temporary because the spot market seems to be holding [up] quite well.
“Furthermore, [LLDPE] inventories are still manageable. We cannot have the futures market to be deviating too much from the spot market,” the Ningbo-based broker added.
($1 = CNY6.38)
Additional reporting by Moon Chen and Lizzie Yu
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