China May LLDPE futures rise 0.6% on easing eurozone worries

SINGAPORE (ICIS)--China’s linear low density polyethylene futures rose on Tuesday on easing concerns over the eurozone debt crisis, industry sources said.

May LLDPE, the most actively traded contract on the Dalian Commodities Exchange (DCE), closed at CNY9,920/tonne ($1,562/tonne), up 0.6% from the Monday’s settlement price of CNY9,865/tonne.

Some 3.3m tonnes of LLDPE, equivalent to 1.33m contracts, were traded for delivery in May at the close of trade on Tuesday, DCE data showed.

The LLDPE futures market is currently on a period of adjustment and there may be a chance for recent price gains to be sustained, said Hu Zhenglong,an analyst at brokerage Guangfa Futures.  

($1 = CNY6.35)