NYSE Plastics Continue to Move Higher as Enthusiasm Builds

Dalian plastics (LLDPE) futures index climbed strongly higher on the 10th. The main 1105 contract closed at 12,370 yuan/ton, up 360 yuan/ton. Yesterday, even plastic opened slightly lower, then the long capital in the market actively involved, making the futures price pulled up sharply to 12,200 near. Fundamentally, Asian ethylene monomer prices rose to stimulate LLDPE production costs rose again, prompting futures prices to maintain oscillation near 12,200. And now is about to enter the peak season of agricultural film demand, producers need to stockpile also to a certain extent on the LLDP support, is expected to the market even plastic is expected to shock higher.
New York Mercantile Exchange
New York Mercantile Exchange (NYMEX) crude oil futures closed close to flat on the 10th, traders in Egypt President Mubarak (Hosni Mubarak) will step down under the expectation of suspend trading. The March crude futures contract settled up $0.02 to $86.73 a barrel, after rising to a high of $87.90 a barrel earlier in the day. the ICE Brent crude futures contract fell $1.26 to $100.56 a barrel. Egyptian military and ruling party officials said Mubarak will soon address the nation and meet the demands of demonstrators. Demonstrators insisted that Mubarak step down immediately and end his 30-year rule. Egypt’s ruling party leader Hossan Badrawy said he has spoken with Mubarak and demanded he step down. The Egyptian military hinted at taking control of the situation in the country.
Asian ethylene market, CFR Northeast Asia rose $19.5/mt to close at $1309.5-1310.5/mt and CFR Southeast Asia closed at $1210.5-1212.5/mt, up $20/mt. In March-April, Korea and Japan naphtha steam cracking units will enter a relatively concentrated maintenance period, most of the units are scheduled to stop, tight supply of goods. In Southeast Asia, the Northeast Asian market is on the rise, the Middle East supply is still tight, and the Southeast Asian market is moving higher.
On the spot side, the spot offer is still not affected by the continuous pullback of international crude oil, and the price basically remains stable, with some areas slightly reported higher, but the downstream wait-and-see atmosphere is thick, and the transaction is general. In South China PE market, merchants mainly wait and see, downstream factories are ready to start work one after another, demand is quite sparse, linear mainstream offers in 11150-11400 yuan/ton. The PE market in East China is stable with high quotations, as the demand has not yet recovered, businessmen are mainly on the sidelines for the time being, and the mainstream price of linear is 11,000-11,200 yuan/ton. North China PE market is quoted higher, but the trading atmosphere is still light, and the businessmen have a strong wait-and-see attitude in the morning, with the mainstream linear price quoted at 11000-111200 yuan/ton.

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