27 June 2005 17:18 [Source: ICIS news]
LONDON (CNI)--The European benzene July contract price could increase by Euro200/tonne, market players said Monday .
Spot benzene prices have made major gains during June, due to the hike on crude and following the trend set in Asia.
Monday's spot prices of $880-885/tonne (around Euro724-729/tonne) free on board (FOB) Rotterdam was Euro195-200/tonne above the June contract price of Euro529/tonne FOB Northwest Europe (NWE), market sources told global market intelligence and price reporting service ICIS-LOR*. The spot price is always the main factor in determining the monthly contract price.
The July contract price will be settled on Thursday (30 June), the last working day of the month.
Derivatives markets were braced for a major increase after watching the steady rise of benzene spot prices throughout June. Consumers of styrene, polystyrene (PS) and expandable styrene (EPS) have been buying increased volumes in advance of the price increases they expect in July.
*ICIS-LOR is part of the same publishing group as CNI.
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