China May LLDPE futures close 4.7% higher on positive sentiment

14 November 2011 10:49  [Source: ICIS news]

SINGAPORE (ICIS)--China’s May linear low density polyethylene (LLDPE) futures closed higher on Monday, with market sentiment lifted by prospects of an imminent resolution to the eurozone sovereign debt crisis, industry sources said.

May LLDPE futures, the most active contract on the Dalian Commodity Exchange (DCE), closed at (CNY) 10,010/tonne ($1,579/tonne), up by CNY450/tonne or 4.7% higher from Friday’s settlement price.

Trading was temporarily halted in the morning session, when the May contract rose to CNY10,035/tonne, exceeding the 5% daily cap on price movements.

At the close of trade, about 3.8m tonnes of LLDPE or 1.54m May contracts were traded, DCE data showed.

($1 = CNY6.34)

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By: Chow Bee Lin
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