China May LLDPE futures down 0.24% on weak demand, sentiment

23 February 2012 08:32  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures declined by 0.24% on Thursday because domestic demand from the downstream sectors has yet to recover, industry sources said.

Despite the prevailing high crude oil prices, which provided some support to LLDPE futures, the rising inventories and weak downstream demand caused the sentiment of traders to weaken, the sources added.

May LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 10,240/tonne ($1,625/tonne) on Thursday, down by CNY25/tonne from the settlement price on 22 February.

Around 1.08m tonnes of LLDPE, or 431,912 contracts, for delivery in May were traded on Thursday, according to the DCE data.

($1 = CNY6.30)

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