28 April 2008 05:37 [Source: ICIS news]
Asian naphtha hit the $1,000/tonne CFR (cost and freight) Japan mark and first half of June indications were pegged at $998.25-1,001.25/tonne CFR Japan, second half June at $997-1,000.00/tonne CFR Japan and first half July at $995.75-998.75/tonne CFR Japan.
The first half of June contract closed late Friday at $968-969/tonne CFR Japan while the second half of June contract traded at $964/tonne CFR Japan, a tad lower after a string of record high prices at as high as $982/tonne CFR Japan.
The gains in the naphtha markets caught up with crude oil gains on strong buying support from northeast Asian end-users last week. Asian naphtha prices jumped 4.82% against a 4.17% rise in the Brent crude prices since the middle of this month.
Korean end-users snapped up cargoes for the second half of May, first half and second half of June delivery this week.
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