01 June 2012 10:29 [Source: ICIS news]
SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures closed slighly lower on Friday, with firm spot physical market lending support to prices amid falling crude futures, industry sources said.
September LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 9,690/tonne ($1,521/tonne) on 1 June, down by CNY35/tonne or 0.4% lower from the settlement price of CNY9,725/tonne on 31 May.
Around 980,000 tonnes of LLDPE, or 392,780 contracts, for delivery in September were traded on Friday, according to DCE data.
Stable spot physical LLDPE market in China, with prices at CNY9,700-10,200/tonne, helped offset the negative sentiment caused by falling crude prices, industry sources said.
At 16.28 Singapore time (10:28 GMT), US crude for July delivery fell by $1/bbl to $85.53/bbl, while BRENT crude had a steeper decline of $1.45/bbl at $100.41.
($1 = CNY6.37 / $1 = €0.81)
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