Asia benzene surges $45/tonne on high crude values, US prices
22 February 2011 02:10 [Source: ICIS news]
SINGAPORE (ICIS)--Asia’s benzene values surged by $45/tonne (€33/tonne) early on Tuesday morning, setting a fresh 31-month high due to an overnight surge in NYMEX crude futures and US benzene values, said traders.
Prices were at $1,235-1,245/tonne FOB (free on board) ?xml:namespace>Korea, a sharp $45/tonne hike from Monday’s close and the highest seen since 5 August 2008, according to ICIS.
Offers for any April loading cargoes were heard at $1,245-1,250/tonne FOB Korea that met bids at $1,230-1,235/tonne FOB Korea, $35-40/tonne higher than Monday’s deal.
Traders said that the overnight jump in crude futures to above $93/bbl due to tensions in the Middle East was the key factor for Tuesday's price jump.
Increases in the US benzene values to $4.40-4.49/gal or $1,315-1,342/tonne FOB Barges late on Monday was another strong influence on the market, they added.
Asia is a net exporter of benzene to the US, on spot and contract basis.
($1 = €0.74)
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