China LLDPE futures rise 0.35% on move to ease liquidity crunch

30 October 2012 09:39  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures increased by 0.35% on Tuesday, as market players were heartened by the central bank’s move to ease the domestic credit crunch.

January 2013 LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 10,055/tonne ($1,611/tonne), up by CNY35/tonne from Monday’s settlement price of CNY10,020/tonne.

Around 1.08m tonnes of LLDPE, or 433,834 contracts, were traded for delivery in January 2013, according to the DCE data.

The People’s Bank of China pumped a record CNY395bn into the financial system on Tuesday via reverse repurchase bond agreements.

($1 = CNY6.24)

By: Summer Zhang

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