China Sep LLDPE futures fall by 1.80% on low demand, crude

29 March 2012 12:02  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures are down by 1.80% because of falling crude oil prices and subdued buyers’ appetite, an industry source said on Thursday.

September’s LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange, closed at yuan (CNY) 10,660/tonne ($1,692/tonne) on 29 March, down by CNY195/tonne from the settlement price of CNY10,855 /tonne on 28 March.

Around 1.71m tonnes of LLDPE, or 682,030 contracts, for delivery in September, were traded on Thursday, according to the Dalian Commodity Exchange.

Nymex crude futures closed down by 1.79% to $105.41/bbl on 28 March.

“The overall buying appetite typically of those plastic processors remains subdued, reinforcing the expectation of a further downward correction in both futures and physical spot markets,” a Shanghai-based trader said.

($1 = CNY6.30)

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