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.
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)
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