03 December 2012 09:00 [Source: ICIS news]
bSINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures closed 3.45% higher on Monday, in reaction to the unexpected shutdown of two polymer facilities on 30 November, industry sources said.
May LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 10,350/tonne ($1,661/tonne), up by CNY345/tonne from the settlement price of CNY10,005/tonne last Friday.
The contract hit a high of CNY10,405/tonne in the morning, up by 4% – the maximum price gain that can be generated for the day.
Around 2.08m tonnes of LLDPE or 831,892 contracts for delivery in May 2013 were traded on Monday, according to DCE data.
Market players turned cautious towards the afternoon trade, in view of continued weakness in downstream demand.
Daqing Petrochemical had to partially shut its 600,000 tonne/year cracker in Heilongjiang province, along with its two high density polyethylene (HDPE)/LLDPE plants with a combined capacity of 550,000 tonnes/year, following a fire on 30 November.
($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