26 December 2013 01:35 [Source: ICIS news]
SINGAPORE (ICIS)--China’s linear low density polyethylene (LLDPE) futures rose by 1.46% on 25 December after market sentiment was given a lift by strong US economic data, industry sources said.
US-based investment bank Goldman Sachs raised the GDP growth forecast for the US to 2.4% from 2.3% on 24 December, which boosted market sentiment, the sources added.
May LLDPE futures – currently the most actively traded contract on the Dalian Commodity Exchange (DCE) – closed at yuan (CNY) 11,100/tonne ($1,829/tonne) on Wednesday, up from the previous settlement price of CNY10, 940/tonne on 24 December.
Around 1.05m tonnes of LLDPE, or 420,920 contracts, were traded for delivery in May, according to the DCE data.
($1 = CNY6.07)
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