08 October 2013 10:21 [Source: ICIS news]
SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures rose by 1.78% on Tuesday, supported by firm spot domestic prices, industry sources said.
January 2014 LLDPE futures, the most actively traded contract at the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 11,140/tonne ($1,820/tonne), up by CNY195/tonne from the settlement price of CNY10,945/tonne on 30 September.
The Chinese market re-opened on Tuesday after a week-long celebration of National Day.
Around 1.92m tonnes of LLDPE or 384,476 contracts for delivery in January were traded on Tuesday, the DCE data showed.
“The gap between LLDPE future values and spot market price was getting narrow,” an industry source said in Mandarin.
Spot LLDPE prices in east China increased to CNY11,450-11,500/tonne on Tuesday, up CNY50/tonne from 30 September levels, according to Chemease, an ICIS service in China.
($1 = CNY6.12)
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