China LLDPE futures fall 1.33% on lower crude oil prices

15 May 2013 10:33  [Source: ICIS news]

SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures fell by 1.33% on Wednesday because of lower international crude oil prices, industry sources said.

September 2013 LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 10,010/tonne ($1,628/tonne), down by CNY135/tonne from the previous settlement price of CNY10,145/tonne on 14 May 2013.

Around 1.31m tonnes of LLDPE, or 525,554 contracts, were traded for delivery in September 2013, according to the DCE data.

The price of January 2013 NYMEX crude oil future closed at $94.21/bbl overnight, down by 1.01%, compared with the price on 13 May. As a result, the LLDPE futures fell because of concerns of oil oversupply.

($1 = CNY6.15)

By: Summer Zhang

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