China’s LLDPE futures flat on Wednesday amid bearish sentiment

26 September 2012 10:59  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures were flat on Wednesday from the previous settlement amid bearish sentiment, industry sources said.

January 2013 LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 10,620/tonne ($1,683/tonne), up by CNY5/tonne, or 0.05%, from the previous settlement on 25 September.

Around 0.77m tonnes of LLDPE, or 309,004 contracts, were traded for delivery in January 2013, according to the DCE data.

Market participants said they continue to have low expectations for the country’s domestic economic growth ahead of the upcoming Mid-Autumn Festival and National Day holidays in the first week of October in the absence of bullish factors. However, a CNY405 gap between LLDPE futures and the average LLDPE spot price prevented the futures price from falling further, a source said.

The average LLDPE spot price was CNY11,025 on 26 September, according to Chemease, an ICIS service in China.

($1 = CNY6.31)

By: Angie Li
+65 6780 4359

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