China May LLDPE futures up 5% on positive sentiment; trade halted

14 November 2011 04:08  [Source: ICIS news]

SINGAPORE (ICIS)--China’s May linear low density polyethylene (LLDPE) futures spiked 5% on Monday morning, with trades boosted by prospects of a resolution for the eurozone sovereign debt crisis, industry source said.

May LLDPE futures, the most active contract on the Dalian Commodity Exchange (DCE), traded as high as (CNY) 10,035/tonne ($1,583/tonne), up by CNY475/tonne from Friday’s settlement price, prompting a trade halt.

Under DCE rules, daily futures price movement in the LLDPE market is capped at 5%.

About 64,625 tonnes or 25,850 May contracts were traded at CNY10,035/tonne as at 11:02 Singapore time (03:02 GMT), DCE data showed.

In the spot LLDPE market in China, price discussions were at CNY9,400-9,700/tonne EXWH (ex-warehouse) on Monday morning, CNY150-200/tonne higher from Friday’s levels, according to Chemease, an ICIS service in China.

($1 = CNY6.34)

Additional reporting by Angie Li, Yu Jiao Jiao, Dong Yu Ling, Amy Yu

By: Chow Bee Lin
+65 6780 4359

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