12 December 2011 09:07 [Source: ICIS news]
SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures plunged by 2.92% on Monday, on the back of prevailing bearish market outlook, industry sources said.
May LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 9,320/tonne ($1,470/tonne) on 12 December, down by CNY280/tonne from the settlement price of CNY9,600/tonne on 9 December, DCE data showed.
Around 3.0m tonnes of LLDPE, or 1.20m contracts, were traded for delivery in May, according to the data.
“The recent weak fundamentals and gloomy global economic climate, particularly in the eurozone and the US, hampered market confidence and led to the persistent weakness in prices both for the spot market and futures,” a source from Shanghai CIFCO Futures said.
In the domestic market, spot LLDPE prices fell by CNY100/tonne to CNY9,050-9,300/tonne EXWH (ex-warehouse), down from CNY9,150-9,400/tonne on 9 December, local LLDPE traders in eastern region said.
($1 = CNY6.34)
Additional reporting by Lizzie Yu
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