China LLDPE futures up by 0.65% on higher domestic spot offers

06 November 2012 09:19  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures rose by 0.65% on Tuesday in tandem with higher domestic spot offers, industry sources said.

May LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 10,015/tonne ($1,605/tonne), up by CNY65/tonne from the previous settlement price of CNY9,950/tonne on 5 November.

Around 1.94m tonnes of LLDPE, or 774,144 contracts, were traded for delivery in May, according to the DCE data.

Chinese petrochemical giants Sinopec and PetroChina raised their offers for LLDPE resins for some regions on 6 November, further strengthening the positive outlook for the futures and spot markets, according to market sources.

Spot LLDPE prices in the Chinese domestic market rose by CNY50-100/tonne to CNY10,750-11,100/tonne on 6 November, compared with the previous day’s levels at CNY10,700-11,000/tonne, a trader said.

($1 = CNY6.24)

By: Doreen Zhao

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