14 December 2012 09:18 [Source: ICIS news]
SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures increased by 1% on Friday, tracking the strong gains in the Chinese stock market, industry sources said.
May 2013 LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 10,520/tonne ($1,696/tonne) on 14 December, up by CNY105/tonne from Thursday's settlement price of CNY10,415/tonne.
Around 978,000 tonnes of LLDPE or 391,252 contracts for delivery in May 2013 were traded on Friday, according to the DCE data.
The Shanghai Stock Exchange Composite Index advanced 89.15 points, or 4.32%, to close at 2,150.63 on Friday, following release of initial data indicating a recovery in manufacturing activities in the world’s second biggest economy.
HSBC’s December flash purchasing managers’ index (PMI) for China was at a 14-month high of 50.9.
China’s leaders are expected to meet in mid-December to map out an economic strategy for next year, industry sources said.
($1 = CNY6.23)
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