Taiwan CPC buys February naphtha at $20-25/tonne premium

07 January 2010 03:38  [Source: ICIS news]

SINGAPORE (ICIS news)--Taiwan’s Chinese Petroleum Corp has bought a 30,000-tonne cargo of heavy naphtha at a premium of $20-$25/tonne (€14-17/tonne) to Japan spot quotes for February delivery, traders said on Thursday.

Prices were much higher, compared with what CPC paid for its term naphtha supply. The refiner secured 675,000 tonnes of full-range naphtha for delivery between April and December at a discount of $4.00-$5.00/tonne to Japan spot quotes CFR (cost and freight) basis.

Asian spot naphtha prices are on a rally amid razor-thin supply and robust petrochemical demand.

By midday Thursday trade, second half February naphtha prices scaled up to $768.50-$771.50/tonne because of strong crude, versus $758-$759/tonne on Wednesday.

($1 = €0.69)

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By: Felicia Loo

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