21 June 2012 11:11 [Source: ICIS news]
SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures fell by 0.89% on Thursday because of the country’s weak manufacturing data for June as well as an overnight decline in crude futures, industry sources said.
September LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 9,405/tonne ($1,479/tonne), down by CNY85/tonne from the previous day.
Around 1.30m tonnes of LLDPE, or 521,310 contracts, were traded for delivery in September, according to the DCE data.
The China Manufacturing Purchasing Managers Index (PMI) compiled by global investment bank HSBC for June fell to a seven-month low of 48.1, causing market participants’ sentiment to weaken. Any reading above 50 indicates an expansion, while a reading below 50 indicates a contraction.
In addition, July WTI July crude futures fell to $81.80/bbl overnight on 20 June, down by 2.65% from its settlement price on 19 June. That further weakened market sentiment and weighed down on LLDPE futures.
($1 = CNY6.36)
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