China LLDPE futures up by 4% on bullish market sentiment

14 September 2012 04:26  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures surged by 4% on Friday morning on bullish investor sentiment driven by the US Federal Reserve’s latest stimulus measures for boosting the US economy.

The US Federal Reserve announced new purchases of mortgage-backed securities on Thursday aimed at cutting long-term interest rates that will run at a rate of $40bn (€30.8bn) per month.

The January LLDPE contract traded on the Dalian Commodity Exchange (DCE) rose to yuan (CNY) 10,800/tonne ($1,706/tonne) at around 09:00 hours Beijing time (01:00 GMT), CNY415/tonne higher from Thursday’s settlement price, according to data from the DCE.

The January contract then eased to CNY10,610/tonne at around 10:30 hours Beijing time, which was CNY225/tonne higher from the settlement price of CNY10,385/tonne on 13 September.

($1 = CNY6.33, $1 = €0.77)

By: Amy Yu

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