08 January 2013 09:50 [Source: ICIS news]
SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures declined by 2.5% on Tuesday on talks circulating in the market that domestic producers will implement price cuts, industry sources said.
May 2013 LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 10,755/tonne ($1,726/tonne), down by CNY280/tonne from Monday’s price of CNY11,035/tonne.
Around 1.33m tonnes of LLDPE or 532,374 contracts for delivery in May 2013 were traded on 8 January, according to the DCE data.
Chinese LLDPE producers may be keen to lower prices to offload stocks ahead of the Lunar New Year holidays, which fall on 9-15 February, market sources said.
($1 = CNY6.23)
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