22 May 2007 23:05 [Source: ICIS news]
HOUSTON (ICIS news)--US spot ethylene prices rose on Tuesday amid tight supply and strong demand, traders said.
US spot ethylene was assessed at 38.75-39 cents/lb ($854-$860/tonne) on Tuesday based on May deals done at the top and bottom end of the range, according to global chemical market intelligence service ICIS pricing.
That price is up from a May deal done at 38.625 cents/lb and outer-month June deals done in the range of 38.25-38.625 cents/lb on Monday.
Prices are also up from levels during the week ended 18 May at 37.625-38 cents/lb.
Sources said a total of 28m lb of ethylene has been traded in the spot market so far this week, running well ahead of normal trading volumes.
The flurry of activity has been driven by a series of minor production issues that have tightened supply, a trader said.
Vinyls producers have said, however, that the vinyls chain is not strong enough to support higher prices.
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