China domestic spot LLDPE falls 0.5% on bearish futures market

16 February 2012 10:29  [Source: ICIS news]

SHANGHAI (ICIS)--China’s domestic linear low density polyethylene (LLDPE) prices fell by 0.5% on Thursday, tracking declines in the futures market, industry sources said.

LLDPE was selling at yuan (CNY) 9,650-9,900/tonne ($1,532-1,571/tonne) EXWH (ex-warehouse) on 16 February, down by CNY50/tonne from Wednesday’s close, according to Chemease, an ICIS service in China.

At the Dalian Commodity Exchange (DCE), the most actively traded May LLDPE futures contract closed 2.11% lower at CNY9,985/tonne.

Concerns about an economic recession in the eurozone weighed down on sentiment in the futures markets, local distributors said.

But some traders in north China said that most sellers may be unwilling to cut offers, as their inventories were procured at high costs.

($1 = CNY6.30)

Additional reporting by Angie Li, Rain Dong, Lizzie Yu

By: Amy Yu

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