China LLDPE futures gain 1.1% on hopes over Q4 economic growth

30 November 2012 09:36  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures gained by 1.1% on Friday on hopes that the Chinese economy has stopped its slowdown in the fourth quarter, industry sources said.

May 2013 LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 10,040/tonne ($1,612/tonne), up by CNY110/tonne from Thursday’s settlement price of CNY9,930/tonne.

Around 1.32m tonnes of LLDPE or 529,980 contracts for delivery in May 2013 were traded on Friday, according to the DCE data.

China’s GDP growth has been decelerating since the start of the year, with the country’s exports being hit by the global economic slowdown.

In the third quarter, the world’s second biggest economy expanded at a 7.4% rate – the slowest pace in more than three years.

($1 = CNY6.23)

By: Summer Zhang

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