13 April 2007 13:56 [Source: ICIS news]
LONDON (ICIS news)--Plastics futures prices rose on the London Metal Exchange on Friday as Asia naphtha hit a new record high and Brent crude reached a new peak for the year.
The LME’s linear low density polyethylene (LLDPE) and polypropylene (PP) official futures prices both gained $10, with LLDPE at $1,180/tonne and PP at $1,290/tonne. The increase followed the gains made in the Thursday official and closing prices.
The May contracts for both polymers had closed up on Thursday, LLDPE up $10 at $1,180/tonne and PP up $15 at $1,270/tonne.
Upward pressure on plastics continued as crude futures prices made further gains on Friday with May Brent hitting a new high for the year of $69.59/bbl before easing, and May WTI climbing over $64/bbl.
Asia’s open spec naphtha prices jumped to a fresh record high of $700-701/tonne CFR (cost and freight) ?xml:namespace>
The plastics contracts had attracted greater trading interest towards the end of the working week but only two lots of LLDPE traded on Thursday and no PP, according to broker reports. Each lot is 24.75 tonnes.
The European PP market was firming in April as the month progressed, market sources said.
|13 April 2007||LLDPE||PP|
|LME Reference Price||1180||1290|
|July 2007||1180|| |
Prices shown are per tonne on a FOT (free on truck) basis delivered Rotterdam/Antwerp,
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