03 November 2011 10:10 [Source: ICIS news]
SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures rose by 0.53% as gains made early in the day were eroded by bearish sentiment caused by an uncertain global economic outlook, industry sources said on Thursday.
Sinopec’s move to cut the operating rates at its crackers was seen as a bullish factor, but much of its impact was off-set by uncertainty in the global economy as a result of the ongoing eurozone debt crisis, local futures brokers said.
January LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), rose to yuan (CNY) 9,665/tonne ($1,520/tonne) before closing at CNY9,495/tonne, up by CNY50/tonne from Wednesday’s settlement price.
($1 = CNY6.36)
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