09 January 2013 09:26 [Source: ICIS news]
SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures fell by 1.3% on Wednesday on the back of subdued demand from end-users.
According to market players, many end-users showed strong resistance to the current hikes in LLDPE prices. Major market participants feel that demand will gradually weaken as it approaches the upcoming Lunar New Year holiday on 9-15 February. Hence, they reduced their offers to attract more buying interest.
May 2013 LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 10,715/tonne ($1,720/tonne), down by CNY145/tonne from Tuesday’s price of CNY10,860/tonne.
Around 1.12m tonnes of LLDPE or 448,678 contracts for delivery in May 2013 were traded on 9 January, according to the DCE data.
($1 = CNY6.23)
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