01 November 2011 10:11 [Source: ICIS news]
The January LLDPE contract closed at yuan CNY 9,385/tonne ($1,476/tonne) on Tuesday afternoon, CNY15/tonne lower from Monday’s settlement, according to data from Dalian Commodity Exchange (DCE).
Investors retreated because of weaker crude prices, local futures brokers said.
However, earlier on Tuesday, a decline in the purchasing manager’s index (PMI) for October pushed the January LLDPE futures contract on the DCE to as high as CNY9,625/tonne.
The lower PMI is seen as an indication that
“Investor sentiment was strengthened by the prospect of more liquidity,” the broker said.
($1 = CNY6.36)
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.
|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|
Asian Chemical Connections