China LLDPE futures up 1.35% on hopes of US monetary stimulus
10 September 2012 10:39 [Source: ICIS news]
SINGAPORE (ICIS)--?xml:namespace>China’s linear low density polyethylene (LLDPE) futures increased by 1.35% on Monday, because of expectations that the US Federal Reserve may introduce new monetary stimulus after the release of US non-farm payrolls data for August.
January 2013 LLDPE – the most actively traded contract on the Dalian Commodity Exchange (DCE) – closed at yuan (CNY) 10,365/tonne ($1,635/tonne), up by CNY140/tonne from the settlement price of CNY10,225/tonne on 7 September, DCE data showed.
Around 1m tonnes of LLDPE, or 398,622 contracts, for delivery in January were traded on Monday, according to the data.
The US non-farm payrolls data for August was released on 7 September and showed only a slight rise, which increased market expectations that the US Federal Reserve will conduct a round of quantitative easing during the week to boost the economy.
($1 = CNY6.34)By: Rain Dong
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