02 November 2010 17:14 [Source: ICIS news]
By Sheenal Khimasia
LONDON (ICIS)--The ?xml:namespace>
The November index strengthened by almost 5% to 279.75 from a revised* October figure of 267.46.
The Asian component of the index hiked by 6.4% on increases in all product prices. Butadiene (BD) rose by 10% as a result of stronger Chinese demand and higher naphtha and crude prices.
The European component rose by 4.4%, aided by the dollar’s further weakening against the euro. Most product prices were down in euro terms, but all increased in dollar terms, except butadiene, which plummeted drastically on ample supply and softening demand. The US component edged up by just 1.3%, with rises primarily in polyethylene (PE) and paraxylene (PX) being limited by declines in BD and propylene.
Published at the beginning of each month, the IPEX provides an independent indicator of average change in world petrochemical prices.
Dating back to January 1993, historical
The October IPEX has been revised upwards from 267.26 to 267.46, following incorporation of the US September styrene contract settlement. This month’s index is also subject to revision once the US October styrene and ethylene and Asian October styrene contracts settle.
*As of July 2010, the index has been revised retrospectively to replace latest available contract prices at the time of publication that had previously been used in the data series with actual settled contract prices. This has had the effect of moving the derived IPEX index from an estimated status to an actual status.
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