China’s LLDPE futures drop 0.96% amid economic concerns

11 October 2011 11:28  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures dipped by 0.96% on Tuesday amid prevailing worries that the eurozone debt problems will exacerbate the sluggish global economy, industry sources said.

January LLDPE – the most actively traded contract on the Dalian Commodity Exchange (DCE) – closed at yuan (CNY) 9,355/tonne ($1,473/tonne) on Tuesday, down by CNY90/tonne from Monday's settlement price of CNY9,445/tonne, DCE data showed.

Around 2.98m tonnes of LLDPE, or 1.19m contracts, were traded for January delivery, according to the data.

“Futures continue to fall despite firmer crude. This shows that the fundamental sentiment is weak,” a broker based in Shanghai said.

On 11 October, NYMEX WTI crude futures were at $85/bbl in the late afternoon.

($1 = CNY6.35)

By: Ong Sheau Ling
+65 6780 4359

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