China LLDPE futures down 0.54% on bearish market sentiment

19 October 2012 09:43  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures decreased by 0.54% on 19 October because of bearish market sentiment, industry sources said.

January LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 10,220/tonne ($1,635/tonne), down by CNY55/tonne from the settlement price of CNY10,275/tonne on 18 October.

Around 778,335 tonnes of LLDPE or 311,342 contracts for delivery in January 2013 were traded on Friday, down by 3.4% compared with the previous day, according to DCE data.

The gap between spot prices and LLDPE futures is too wide, which may prevent LLDPE futures from falling further, said Li Zhoulei, an analyst from Shanghai CIFCO Futures.

Locally produced LLDPE prices were assessed as stable at CNY10,450-10,900/tonne EXWH (ex-warehouse) on 19 October, according to Chemease, an ICIS service in China.

($1 = CNY6.25)

By: Amy Yu

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