21 February 2013 09:48 [Source: ICIS news]
SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures dropped by 2.39% on Thursday as US Federal Reserve may need to taper or halt the third round of quantitative easing (QE3), an industry source said.
The US central bank may have to slow or stop buying assets before seeing the pick-up in hiring, which the bold program is designed to deliver, minutes of the Federal Reserve’s latest meeting showed.
WTI crude oil and Chinese stock market dropped on the back of the release of the news. March WTI was at $94.46/bbl, down by 2.28%, while Shanghai Stock Exchange Composite Index fell by 2.97% to close at 2,325.95 points.
September 2013 LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 11,015/tonne ($1,765/tonne), down by CNY270/tonne from the settlement price at CNY11,285/tonne on 20 February.
Around 2.4m tonnes of LLDPE, or 957,500 contracts, for delivery in September 2013 were traded on 21 February, according to the DCE data.
($1 = CNY6.24)
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