29 October 2010 16:36 [Source: ICIS news]
LONDON (ICIS)--The European November acetone methyl methacrylate (MMA) contract price has been settled at €788.40/tonne ($1,095/tonne), up €12/tonne from October's €776/tonne, a major producer and a major consumer said on Friday.
“This morning we settled at a net number of €788.40,” the producer said.
The buyer said: “I can confirm that I have agreed to that price [with the major producer].”
The higher price was largely a result of the €18/tonne increase on the October propylene contract price, which was settled at €938/tonne FD (free delivered) NWE (northwest Europe), driven by higher naphtha values in October versus September.
The consumer added: “It is not 100% a reflection of the propylene move, it is slightly lower because of market dynamics. Phenol demand is strong. Acetone is still long, so fundamentally the acetone market is unchanged. [But] The change is [largely] coming from the propylene price.”
The acetone MMA contract was settled on a FD NWE basis. For publishing purposes the contract price is typically rounded out to the nearest decimal point.
($1 = €0.72)
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