29 April 2008 04:51 [Source: ICIS news]
Prices were pegged at a CFR (cost and freight) Japan basis.
The second half of June contract traded late Monday at a fresh high of $995/tonne as Itochu sold to Mitsui Oil. The contract traded last week at record high of $982/tonne as Vitol sold a parcel to oil major Shell.
The gains in the naphtha markets were catching up with crude oil gains due to strong buying support from northeast Asian end-users and prices jumped 7.82% against a 7.80% rise in the Brent crude.
Despite the relatively high prices, northeast Asian end-users continued snapping up cargoes for second half of June delivery this week. Last week, Korean and Taiwanese end-users bought over 275,000 tonnes naphtha for delivery in the second half of June.Meanwhile, crude was continuing its rally as a strike closed a major British pipeline and on concerns of new violence in Nigeria.
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