China May LLDPE futures on third session of gains, up 2.8%

28 November 2011 08:06  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures closed 2.8% higher on Monday, now on its third straight day of gains following recent sharp falls.

May LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange(DCE), closed at CNY 9,630/tonne ($1,514/tonne) on Monday, up by CNY265/tonne from last Friday’s settlement price.

About 3.2m tonnes, or 1.27m May contracts, were traded on Monday, DCE’s data showed.

Some market players said that LLDPE futures prices may not have much room to rise because of weak demand from downstream users and with market sentiment being dampened by the ongoing eurozone debt crisis.

($1 = CNY6.36)

By: Moon Chen
+65 6780 4359

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