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)

For more on linear low density polyethylene, visit ICIS chemical intelligence
Please visit the complete ICIS plants and projects database
Read John Richardson and Malini Hariharan’s blog – Asian Chemical Connections


By: Amy Yu



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly