24 June 2013 10:04 [Source: ICIS news]
SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures decreased on Monday, tracking losses in the Chinese stock market, industry sources said.
The Shanghai Composite Index decreased by 109.86 points or 5.30% to close at 1963.24 on Monday. One of the causes was a reported shortage of money in the financial services industry, on back of the rise in Shibor, or the Shanghai Interbank Offered Rate, which is the benchmark interest rate used in yuan-lending activities between banks, industry sources added.
September LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 10,330/tonne ($1,685/tonne), down by 1.48% or CNY155/tonne from the settlement price of CNY10,485/tonne on 21 June.
Around 1.19m tonnes of LLDPE or 475,402 contracts for delivery in September 2013 were traded on Monday, according to DCE data.
($1 = CNY6.13)
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