18 February 2013 09:50 [Source: ICIS news]
SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures dropped by 2.2% on Monday on the back of subdued sentiment from markets players.
The talk that local producers have higher inventory pressure after the week-long Chinese Lunar New Year holiday dampened the market confidence.
Meanwhile, the buying appetite remained weak because most end-users are still away from the market. They would usually return to the market after the fifteenth day of the Lunar New Year on 24 February.
September 2013 LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 11,315/tonne ($1,816/tonne), down by CNY260/tonne from the settlement price of CNY11,575/tonne on 8 February.
Around 574,775 tonnes of LLDPE, or 229,910 contracts, for delivery in September 2013 were traded on 18 February, according to the DCE data.
($1 = CNY6.23)
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