China LLDPE futures up 2.3% amid optimism over eurozone debts

04 November 2011 10:47  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures rose by 2.3% on Friday as the European Central Bank’s move to cut interest rates and optimism that a resolution for the eurozone sovereign debt crisis is in sight boosted investor sentiment, industry sources said.

Greece’s decision not to hold a referendum on a bailout package with the eurozone was seen as an indication that the eurozone debt problems are moving closer to a resolution, a Shanghai-based futures broker said.

January LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 9,780/tonne ($1,540/tonne) on Friday, up by CNY220/tonne from Thursday’s settlement price.

About 1.4m January contracts totalling about 3.4m tonnes were traded on Friday, according to DCE data.

A strong rebound of LLDPE prices in the domestic physical market also boosted investor sentiment, futures brokers said.

Imported LLDPE was selling at CNY9,350-9,800/tonne EXWH (ex-warehouse) this week, CNY100-800/tonne higher from last week, according to Chemease, an ICIS service in China.

($1 = CNY6.35)

By: Chow Bee Lin
+65 6780 4359

AddThis Social Bookmark Button

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.

Printer Friendly

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