Rollover seen for December Euro benzene contract

22 November 2005 12:04  [Source: ICIS news]

LONDON (ICIS news)--The European December benzene contract price looks set to roll over at around Euro577/tonne FOB NWE, buyers and sellers said on Tuesday.

The spot market for December was currently trading at $670-675/tonne free on board (FOB) Rotterdam, which is just $10-15/tonne lower than the beginning of November, and the market has seen a slight upturn since Friday (18 November).

The November European benzene contract was settled down Euro154/tonne at Euro577/tonne FOB Northwest Europe (NWE) on the back of a slump in October spot prices. Spot prices for that month, unlike in November, was down a hefty $190/tonne.

Generally, prices fall in December as consumers reduce stocks for the year-end. Benzene prices also reflect the knock-on effect of inventory reduction on benzene derivatives such as styrene and phenol.

The December benzene contract price was expected be concluded on Wednesday 30 November, the last working day of the month.

By: Barbara Ortner
+44 20 8652 3214

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