27 May 2008 03:26 [Source: ICIS news]
SINGAPORE (ICIS news)--Asian naphtha traded at another new record high of $1,125/tonne late Monday on continued healthy buying interest from northeast Asian end-users, industry sources said on Tuesday.
Contracts had traded last week at $1,123/tonne CFR Japan between Glencore and Mitsui Oil Asia Hong Kong and $1,071/tonne as Sempra sold to Shell.
Asian naphtha hit a record high in the middle of May at $1,022/tonne CFR Japan as Mitsui Oil Asia Hong Kong sold to Sojitz for a first half of July contract, having broken the $1,000/tonne mark around the start of the month.
Asian naphtha prices closed higher late Monday despite softer crude values. First-half July prices indications were pegged at $1,129-1,130/tonne CFR (cost and freight) Japan, second-half July at $1,124.50-1,125.50/tonne CFR Japan and first-half August at $1,122-1,123/tonne CFR Japan.
Crude prices had fallen from highs around $135/bbl last week but have since risen to about $133/barrel level on concerns over supply from Nigeria.
Asian naphtha prices were up 19.94% versus gains of 19.65% in the Brent crude markets since early May. The former have been lagging behind gains in the latter earlier on due to weak market sentiments.
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