China May LLDPE futures fall 1.3% on bearish market sentiment

12 November 2012 09:39  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures declined by 1.3% on Monday on poor market sentiment, industry sources said.

May LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 9,870/tonne ($1,579/tonne), down by CNY125/tonne from the settlement price of CNY9,995/tonne on 9 November.

Around 1.56m tonnes of LLDPE or 625,368 contracts for delivery in May 2013 were traded on Monday, according to the DCE data.

Current spot prices are higher than the May 2013 contract values, indicating a bearish market outlook, said a brokerage analyst.

On 12 November, locally produced LLDPE were assessed at CNY10,750-11,100/tonne EXWH (ex-warehouse), according to Chemease, an ICIS service in China.

($1 = CNY6.25)

By: Amy Yu

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