30 May 2012 10:42 [Source: ICIS news]
SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures rose by 0.05% on Wednesday, industry sources said.
September LLDPE futures – the most actively traded contract on the Dalian Commodity Exchange (DCE) – closed at yuan (CNY) 9,890/tonne ($1,560/tonne), up by CNY5/tonne from the previous settlement price of CNY9,885/tonne on 29 May.
Around 620,000 tonnes of LLDPE – or 246,094 contracts – was traded for delivery in September, according to DCE data.
Domestic LLDPE manufacturers have increased their ex-works prices, with Chinese petrochemical major PetroChina raising its ex-warehouse prices by CNY100/tonne to CNY10,000/tonne, which lifted market sentiment.
Moreover, traders have held their inventories at a low level, and terminal users are willing to rebuild their stocks, leading to increased physical LLDPE spot prices. LLDPE futures values rose slightly as a result.
($1 = CNY6.34)
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