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)
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.
|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|
Asian Chemical Connections