China May LLDPE futures rise 0.2% on improving market sentiment

19 December 2012 10:01  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures rose by 0.2% on Wednesday, industry sources said.

May 2013 LLDPE contract prices closed at yuan (CNY) 10,655/tonne ($1,707/tonne) on 19 December, lower by CNY545/tonne compared with January contract prices at CNY11,200/tonne. The price difference between the two closing contract prices narrowed to CNY80/tonne on Wednesday from CNY625/tonne on Tuesday, according to data from Dalian Commodity Exchange (DCE).

Zhoulei Lee, an analyst of Shanghai Zhongqi Future, said that the narrowing price difference indicates improved market sentiment for May 2013.

May 2013 LLDPE futures, the most actively traded contract on DCE, closed at CNY10,655/tonne on Wednesday, up by CNY20/tonne from the previous settlement price of CNY10,635/tonne on Tuesday.

Around 1.12m tonnes of LLDPE, or 447,668 contracts, were traded for delivery in May 2013 on Wednesday, according to DCE data.

($1 = CNY6.24)

By: Amy Yu

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