03 December 2012 04:44 [Source: ICIS news]
(adds paragraphs 3-5)
SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures surged 4% on Monday morning, hitting the maximum gain that can be generated for the day, industry sources said.
May LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), were at yuan (CNY) 10,405/tonne ($1,670/tonne) at 11:15 Beijing time (03:15 GMT), up by CNY400/tonne from the settlement price of CNY10,005/tonne on 30 November.
Prices spiked following an unexpected shutdown at the polyethylene facilities of Daqing Petrochemical that is expected to last about two months, industry sources said.
An explosion occurred at the company’s 600,000 tonne/year cracker in Daqing on 30 November, prompting the shutdown of its 250,000 tonne/year HDPE (high density polyethylene)/LLDPE swing plant and its 300,000 tonne/year HDPE/LLDPE swing unit.
Daqing Petrochemical is a subsidiary of Chinese oil and gas giant PetroChina.
($1 = CNY6.23)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections