China LLDPE futures down by 4.9% on recession worries

19 September 2011 10:37  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures closed at yuan (CNY) 10,180/tonne ($1,596/tonne) on 19 September, down by 4.9% from the settlement price at CNY10,710 yuan/tonne on 16 September because of recession worries, industry sources said on Monday.

According to the Dalian Commodities Exchange (DCE), 3.19m tonnes of LLDPE, or 1.3m contracts for the material, were traded for delivery in January by the close of trade on 19 September.

“Market players are still worried about the economy, which is under [threat from] the European debt [crisis],” said Shi Minzhu, an analyst from Chinese firm, Nanhua Futures.

“In addition, the demand [for LLDPE] is soft because plastic manufacturers are [experiencing a shortage in] capital,” Shi added.

($1 = CNY6.38)

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By: Amy Yu

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