China’s May LLDPE futures rise 1.3% on improved market sentiment

26 November 2012 09:46  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures rose by 1.3% on Monday as the market sentiment improved slightly, industry sources said.

Some speculators believed that the short-term LLDPE future price is likely to be bullish because of higher spot prices on the back of higher-priced deals done.

Spot domestic LLDPE prices in China were assessed at yuan (CNY) 10,550-11,000/tonne ($1,693-1,766/tonne) EXWH (ex-warehouse) on 26 November, up by CNY50 at the low end of the range compared with 23 November, according to Chemease, an ICIS service in China.

May LLDPE futures, the most actively traded contract at the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 9,960/tonne, up by CNY125/tonne from the last settlement price of CNY9,835/tonne on 23 November.

Around 1.18m tonnes of LLDPE, or 470,424 contracts, were traded for delivery in May 2013, increased by 46.3% compared with 23 November, according to the DCE data.

LLDPE future price has increased for three consecutive days since 22 November.

($1 = CNY6.23)

By: Amy Yu

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