PP and LLDPE futures on the Dalian Commodity Exchange (DCE) snapped their recent decline and rebounded during Tuesday's morning session, shaking off Monday's weakness and injecting fresh momentum into spot market procurement.
Malaysia's polyolefin market extended its bullish run this week, propelled by re-escalated US-Iran tensions that rippled through the Red Sea and pushed a major domestic producer to suspend all offers by the third week of July.
PP and LLDPE 2609 futures on the Dalian Commodity Exchange opened weaker on Monday and traded within a softer range, pressured by declining crude oil prices and easing concerns over US-Iran tensions following weekend developments.
Although crude markets opened lower this week, yet upstream weakness has done little to shift sentiment on the ground. The dominant concern across the domestic market now is supply, with prompt cargo availability, rather than feedstock cost, setting the tone for pricing this week.