China LLDPE futures up 0.82% on upbeat market sentiment

12 September 2012 10:27  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures rose by 0.82% on Wednesday after market sentiment was boosted by a speech by Chinese Premier Wen Jiabao, industry sources said.

Wen pledged to utilise the ample fiscal and monetary policy space, fully tap the potential of domestic demand and motivate the various localities and departments in his speech at the 6th Summer Davos Forum in the northern city of Tianjin on 11 September.  

January 2013 LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 10,430/tonne ($1,645/tonne), up by CNY85/tonne from the previous settlement price of CNY10,345/tonne on 11 September.

Around 0.66m tonnes of LLDPE, or 265,330 contracts, were traded for delivery in January 2013, according to the DCE data.

($1 = CNY6.34)

By: Summer Zhang

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