China May LLDPE futures rise 2.6% on boosted market confidence

01 December 2011 07:56  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures rose by 2.6% early on 1 December on boosted market confidence from positive news from the country’s central bank, industry sources said on Thursday.

The Chinese central bank announced late on 30 November that it will lower its reserve requirement ratio by 0.5 percentage points from 5 December.

May LLDPE futures, which is the most actively traded contract on the Dalian Commodity Exchange (DCE), was traded at yuan (CNY) 9,770/tonne ($1,531/tonne) on Thursday.

This is CNY250/tonne higher from the settlement price on 30 November, according to DCE data.

About 2.57m tonnes, or 1,027,190 contracts, were traded for delivery in May, the data showed.

($1 = CNY6.38)

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By: Amy Yu

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