SINGAPORE (ICIS)--China’s polypropylene (PP) futures gained 1.29% on Tuesday on the back of rising prices from domestic manufacturers in the spot market, industry sources said.
January ’15 PP futures, the most actively traded contract on the Dalian Commodity Exchange (DCE), closed at yuan (CNY) 10,702/tonne ($1,726/tonne), up by CNY136/tonne from Monday’s settlement.
Around 261,280 tonnes of PP, or 104,512 contracts, for delivery in January 2015 were traded on Tuesday, according to DCE data.
Major polymer producer PetroChina raised its EXW (ex-works) price for PP raffia yarn in east and south China by CNY50/tonne from the previous day to CNY11,400/tonne and CNY11,500/tonne respectively on Tuesday, local traders indicated.
($1 = CNY6.20)