02 November 2012 10:05 [Source: ICIS news]
Correction: In the ICIS news story headlined "China’s LLDPE futures rise 1.87% on uptrend in spot prices" dated 2 November 2012, reference to the January LLDPE futures in fourth and fifth paragraphs is wrong and is being replaced with the May LLDPE futures contract. A corrected story follows with recast fourth and fifth paragraph.
SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures rose by 1.87% on Friday on the back of a rise in spot LLDPE prices, industry sources said.
Iran’s proposed ban on polyethylene (PE) exports has prompted some traders in China to raise their offers for the polymer.
Traders’ domestic LLDPE offers in China were at yuan (CNY) 10,600-10,900/tonne ($1,699-1,747/tonne) EXWH (ex-warehouse) on 2 November, up by CNY100/tonne from the previous day, according to data from Chemease, an ICIS service in China.
May LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at CNY9,985/tonne, up by CNY185/tonne or 1.89% from the settlement price of CNY9,800/tonne on 1 November.
About 1.5m tonnes of LLDPE or 609,484 contracts were traded on Friday for delivery in May 2013, according to the DCE.
($1 = CNY6.24)
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