01 August 2013 11:01 [Source: ICIS news]
SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures gained 1.8% on Thursday as market players welcomed recent data indicating better manufacturing activities in the world’s second biggest economy, industry sources said.
January LLDPE futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 10,855/tonne, up by CNY195/tonne from Wednesday’s settlement price of CNY10,660/tonne.
About 1.73m tonnes of LLDPE or 691,552 contracts for delivery in January 2014 were traded on Thursday.
China’s purchasing managers’ index (PMI) for July rose slightly to 50.3% from 50.1% in June, according to official data released Thursday.
Firmer spot domestic LLDPE prices also supported the futures market, industry sources said.
Spot LLDPE prices in China were assessed at CNY11,300-11,500/tonne on Thursday, up by 1.3% from Wednesday, according to Chemease, an ICIS service in China.
($1 = CNY6.13)
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