27 December 2012 09:36 [Source: ICIS news]
SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures rose by 0.28% on Thursday because of warm market sentiment, according to industry sources.
For the LLDPE spot market, some market players believed that the market sentiment would start to pick up in early January next year on the back of talks that local producers have finished their destocking activities.
“[The talks] indicated that the suppliers might push up their offers in the beginning of new month,” a local distributor said.
May 2013 LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 10,675/tonne ($1,711/tonne), up by CNY30/tonne from the previous settlement price of CNY10,645/tonne on 26 December.
Around 1.08m tonnes of LLDPE, or 720,500 contracts, were traded for delivery in May 2013 on 27 December, according to the DCE data.
($1 = CNY6.24)
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