20 January 2012 09:47 [Source: ICIS news]
SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) spot prices have increased by yuan (CNY) 50/tonne ($8/tonne), boosted by stronger LLDPE futures on the Dalian Commodity Exchange (DCE), industry sources said on Friday.
LLDPE prices rose to CNY9,500-9,800/tonne EXWH (ex-warehouse) on Friday from CNY9,450-9,750/tonne EXWH on 19 January, according to data from Chemease, an ICIS service in China.
May LLDPE futures, the most actively traded contract on the DCE, closed at CNY10,135/tonne on Friday, up by CNY165/tonne from Thursday’s settlement price of CNY9,970/tonne.
Sellers’ sentiment strengthened in view of the higher May LLDPE futures contract and they raised their offers in tandem, said market sources.
However, local traders said it will be difficult for prices to rise further as demand will weaken because of the Lunar New Year holiday on 22-28 January.
($1 = CNY6.31)
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