Asia naphtha trade settles at $1,005-1,007/tonne

03 March 2011 09:47  [Source: ICIS news]

SINGAPORE (ICIS)--Asia naphtha settled at a two-and-a-half-year high of $1,005-1,007/tonne for a contract for the second half of April as a result of robust crude futures, according to traders on Thursday.

The traders said even though no deals were completed for the second half of April, the market closed at $1,005-1,007/tonne, taking a cue from a physical deal for the first half of May at $1,002/tonne CFR (cost and freight) Japan between buyer Cargill and seller Vitol.

Naphtha prices were now at their highest since 22 August 2008, when they were assessed at $1,036-1,038/tonne CFR Japan.

At 09:21 GMT, NYMEX crude futures traded 45 cents lower at $101.78/bbl and Brent crude futures dropped 32 cents at $116.03/bbl.

Crude oil futures dropped amid talks of a peace plan for Libya by the Arab League.

Additional reporting by James Dennis

Read John Richardson and Malini Hariharan’s Asian Chemical Connections blog

By: Felicia Loo

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