03 January 2008 21:50 [Source: ICIS news]
HOUSTON (ICIS news)--US ethylene contracts for December were fully settled at 61.50 cents/lb ($1,356/tonne), unchanged from November, market sources said on Thursday.
Producers had initially nominated increases of 5-6 cents/lb for December, but buyers resisted the initiative amid a perception that upward pressure from feedstock costs had tapered off in December.
A surge in crude oil and feedstock prices in 2007 pushed US ethylene prices to record-breaking levels last year, as the monthly contract soared by nearly 50% from 41.50 cent/lb in December 2006.
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