China LLDPE futures down by 1.72% on bearish market sentiment

31 May 2012 10:45  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures moved down by 1.72% on Thursday, industry sources said.

September LLDPE futures – the most actively traded contract on the Dalian Commodity Exchange (DCE) – closed at yuan (CNY) 9,720/tonne ($1,533/tonne), down CNY170/tonne from the previous settlement price of CNY9,890/tonne on 30 May.

Around 1.21m tonnes of LLDPE – or 483,430 contracts – was traded for delivery in September, according to DCE data.

Market sources spoke of a rumoured CNY2,000bn government investment to boost the nation’s economy. However, China’s National Development and Reform Commission has issued a statement denying the rumoured economic stimulus project.

This announcement dampened market sentiment. Furthermore, the price of July Brent crude oil futures closed at $103.47/bbl on 30 May – down by 3.01% compared to the price on 29 May. As a result of these factors LLDPE futures registered a decline

($1 = CNY6.34)


By: Summer Zhang



AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index