18 May 2010 23:06 [Source: ICIS news]
HOUSTON (ICIS news)--Initial US paraxylene (PX) contracts for May settled up by 1.75 cents/lb ($39/tonne, €32/tonne) as producers sought higher margins and contract prices rose in Europe and Asia, sources said on Tuesday.
A benchmark price was agreed upon by at least one buyer and seller at 52.75 cents/lb DEL (delivered) US Gulf (USG), creeping higher month over month following increases in other regions.
The May benchmark was settled lower than predictions of 2-4 cent/lb increases.
Market sources said producers were seeking additional margins and extended negotiations into the middle of the month.A May PX settlement was reached in Europe earlier in the month, increasing prices by €55/tonne with a €870/tonne ($1,101/tonne) benchmark.
The May Asian Contract Price (ACP) was settled at $1,060/tonne, a $40/tonne increase from April.
($1 = €0.81)
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