China LLDPE futures gain on hopes for monetary policy-easing moves
28 May 2012 10:02 [Source: ICIS news]
SINGAPORE (ICIS)--?xml:namespace>China’s linear low density polyethylene (LLDPE) futures rose by 1.39% on Monday on expectations of continued monetary policy easing in the country to stimulate the domestic economy, industry sources said.
September LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 9,875/tonne ($1,555/tonne) on Monday, up by CNY135/tonne from the previous settlement price of CNY9,740/tonne on 25 May.
Around 1.02m tonnes of LLDPE, or 408,720 contracts, for delivery in September were traded on Monday, according to DCE data.
China’s adoption of a more loose monetary policy, via cuts in banks' reserve requirements, should help prop up demand in Asia’s biggest economy, industry sources said.
($1 = CNY6.35)By: Summer Zhang
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