China LLDPE futures up 0.23% on bullish market outlook
15 March 2012 09:51 [Source: ICIS news]
SINGAPORE (ICIS)--?xml:namespace>China’s linear low density polyethylene (LLDPE) futures rose by 0.23% on Thursday, on expectations of a bullish market outlook as a result of decreasing supply of physical LLDPE spots in the future, industry sources said.
September LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 11,035/tonne ($1,741/tonne), up by CNY25/tonne from the previous settlement price of CNY11,010/tonne on 14 March.
Around 1.92m tonnes of LLDPE, or 767,872 contracts, were traded for delivery in September, according to the DCE data.
China’s major Sinopec is expected to cut production that may result in reduction of physical LLDPE spots cargoes, industry sources said. This has led to a bullish market outlook, they added.
($1 = CNY6.34)By: Summer Zhang
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