China May LLDPE futures largely unchanged on weak buying interest

11 January 2012 09:36  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures were largely flat on Wednesday, as buyers stayed mostly on the sidelines ahead of the week-long Lunar New Year holidays, industry sources said.

May LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 9,755/tonne ($1,546/tonne) on Wednesday, down by CNY5/tonne or 0.05% from the settlement price of CNY9,760/tonne on 10 January.

Around 1.69m tonnes of LLDPE, or 675,000 contracts, for delivery in May were traded on Wednesday, according to DCE data.

The Chinese market will be closed on 22-28 January for the Lunar New Year celebration.

LLDPE futures prices are currently being supported by strong crude prices despite the subdued domestic demand, said a Zhejiang-based trader. US crude futures were trading at above $102/bbl on Wednesday afternoon.

($1 = CNY6.31)

By: Belle Huo

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