LME Plastics: PP up after crude, naphtha rally
31 January 2007 14:00 [Source: ICIS news]
LONDON (ICIS news)--Polypropylene futures rose $10 on the London Metal Exchange on Wednesday, the last trading day of the month, as crude prices eased after a rally which lifted naphtha, aromatics and olefins prices in Asia.The official polypropylene (PP) price was at $1,160/tonne, while the linear low density polyethylene (LLDPE) price was unchanged at $1,100/tonne (€848/tonne).
Crude prices eased a little after having posted gains of almost $3.00/bbl the previous day, with WTI down $0.26/bbl to $56.71/bbl and Brent down $0.34/bbl to $56.05/bbl. Asian naphtha, aromatics and olefins rallied on Wednesday in line with resurgent crude but the reaction further downstream was less pronounced, traders and brokers said. Later in the day, European open spec spot naphtha cargoes were assessed at $524-527/tonne CIF (cost, insurance, freight) NWE (northwest Europe), up $29/tonne from the buy side of the previous closing range.
LME brokers said 198 lots of LLDPE traded on Tuesday and 135 lots of PP changed hands. Each lot is 24.75 tonnes.
| Date: | Contract: | |||||||
| 31 Jan-07 | LLDPE | PP | ||||||
| LME Reference Price | 1100 | 1160 | ||||||
| Forward Prices: | Bid | Offer | Bid | Offer | ||||
| February -07 | 1080 | 1100 | 1140 | 1160 | ||||
| March -07 | 1100 | 1120 | 1140 | 1160 | ||||
| April -07 | 1120 | 1140 | 1140 | 1160 | ||||
The LME official or reference prices are the offer prices for the first forward delivery month - in this case February 2007. Bid/offer prices are given in the table above for three forward months.
Prices shown are per tonne on a FOT (free on truck) basis delivered Rotterdam/Antwerp,
By: Staff Reporter
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