30 November 2009 17:30 [Source: ICIS news]
LONDON (ICIS news)--An initial European December benzene contract has settled up €23/tonne ($34/tonne) from November at €570/tonne, in line with higher spot values caused by ongoing export opportunities, one producer said on Monday.
The settlement was made at a dollar concept of $850/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at an officially agreed exchange rate of $1.4918 to €1, the seller involved in the negotiations said.
“On 27 November, the market fell all of a sudden because of the sudden crash in ?xml:namespace>
“Nevertheless, most people agreed that the market should be higher than that, and so we settled at $850/tonne,” the seller added.
Spot benzene prices had remained strong throughout November as production issues in Asia had turned that market tight, creating opportunities for European sellers to export to both the US and Asia.
The November contract was agreed at $809/tonne or €547/tonne, based on the officially agreed exchange rate at the time.
Confirmation from other players was pending.
($1 = €0.67)
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