China’s May LLDPE futures up by 0.66% on stock market gains

14 November 2012 08:29  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures rose by 0.66% on Wednesday, tracking gains in the Chinese stock market, industry sources said.

The Shanghai composite index advanced 7.53 points, or 0.37%, to close at 2,055.42 on 14 November.

In addition, Chinese petrochemical giants Sinopec and PetroChina kept their offers stable for LLDPE resins for some regions on 14 November, further strengthening the positive outlook for the futures and spot markets, according to market sources.

May LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 9,905/tonne ($1,590/tonne), up by CNY65/tonne from the previous settlement price of CNY9,840/tonne on 13 November.

Around 1.11m tonnes of LLDPE, or 445,936 contracts, were traded for delivery in May, according to the DCE data.

($1 = CNY6.23)

By: Rain Dong

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