28 August 2008 12:43 [Source: ICIS news]
LONDON (ICIS news)--Spot benzene traded at $1,300/tonne (€884/tonne) in Europe on Thursday, as energy complex gains and a flurry of activity added upwards pressure to the resurgent market, players said.
“There are more buyers out there this morning, and with energy that has pushed the market up,” said one trader.
Spot trades were confirmed at $1,300/tonne CIF (cost, insurance and freight) ARA (Amsterdam, Rotterdam, Antwerp) and $1,296/tonne CIF ARA, and reported at $1,290/tonne CIF ARA, all for September loading.
The deals were up from $1,285-1,290/tonne CIF ARA heard the previous day and up to $90 tonne higher than August trades concluded a week earlier at $1,210/tonne CIF ARA and $1,260/tonne CIF ARA for August.
Crude oil had posted gains of $1/bbl in earlier trading, pushing the market up.
Benzene buyers expressed concern on Wednesday over the impact the recent upturn in spot values would have on September contracts.
August contracts were settled at a dollar concept of $1,403/tonne FOB (free on board) NWE (northwest Europe) and converted to a euro price of €900/tonne FOB NWE on the basis of an exchange rate of $1.5589 to the euro.
($1 = €0.68)
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