Asia benzene hits 28-month high on strong US, EU prices

19 January 2011 03:02  [Source: ICIS news]

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SINGAPORE (ICIS)--Asia’s spot benzene values touched a 28-month high on Wednesday morning on the back of strong overnight gains in prices of US and European material, said traders.

Spot prices in Asia were at $1,120-1,130/tonne (€840-848/tonne) FOB (free on board) Korea, up $25/tonne from Tuesday’s close. The current prices were last seen in early September 2008, according to ICIS data.

US benzene prices were at $4.19-4.21/gal on Tuesday, while European benzene was quoted at $1,230-1,240/tonne, according to ICIS data.

Strong crude values were also lending support to the benzene market. Light sweet crude for February delivery was trading at above $91/bbl on Wednesday morning, while Brent crude was hovering near $98/bbl.

($1 = €0.75)

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By: Mahua Chakravarty
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