China LLDPE futures up by 0.34% on bullish sentiment

06 December 2012 10:32  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures rose by 0.34% on Thursday on the back of bullish sentiment, industry sources said.

May 2013 LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 10,355/tonne ($1,662/tonne), up by CNY35/tonne from the previous settlement price of CNY10,320/tonne on 5 December.

Around 1.87m tonnes of LLDPE, or 749,958 contracts, were traded for delivery in May 2013, according to the DCE data.

The Chinese Academy of Social Science (CASS) said in a report on 5 December that China's GDP is predicted to grow by 7.7% in 2012.

The report also said that the GDP growth in the 2012 fourth quarter is likely to rebound to 7.5% from 7.4% in the third quarter, which boosted market confidence in the LLDPE market.

($1 = CNY6.23)

By: Summer Zhang

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