22 May 2008 04:27 [Source: ICIS news]
SINGAPORE (ICIS news)--Asia’s toluene prices went past the $1,200/tonne level on Thursday morning, setting a new 14-year high, supported by the overnight surge in crude values to fresh highs above $134/bbl, as per global chemical market intelligence service, ICIS pricing.
Bids and buying indications for July loading cargoes were on the rise from the start of Thursday’s trading from $1,195-1,200/tonne FOB (free on board) Korea and were at $1,210/tonne before mid-day.
An offer for July shipment was cited at a high of $1,250/tonne, reflecting soaring selling ambition.
Prices were assessed at $1,210-1,220/tonne, $20-30/tonne higher than Wednesday’s closing price.
"I cannot imagine to what level prices can go up now as crude is going up," said a South Korean trader.
Prices have surged this week on the continued escalation in crude values and have risen by at least $60/tonne until mid-day on Thursday.For more on toluene visit ICIS chemical intelligence
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