China LLDPE futures up 1.57% on local producers’ hikes in offers

13 March 2012 09:37  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures rose by 1.57% on Tuesday, in tandem with rising spot prices and continued hikes in producers offers, industry sources said.

May LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 10,700/tonne ($1,690/tonne), up by CNY165/tonne from the previous settlement price of CNY10,535/tonne on 12 March.

Around 0.98m tonnes of LLDPE, or 390,724 contracts, were traded for delivery in May, according to the DCE data.

“The two petrochemical giants, Sinopec and PetroChina, both hiked their offers...,” a Shanghai-based spot market trader said.

In the eastern spot market, prices for the locally produced cargoes were assessed at CNY10,400-10,700/tonne, up by CNY200-350/tonne from 9 March’s levels at CNY10,200-10,350/tonne, according to Chemease, an ICIS service in China.

($1 = CNY6.33)

By: Belle Huo

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