23 March 2011 22:48 [Source: ICIS news]
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The producer was not available for comment. However, the nomination was reported by multiple sources, and was said to have likely been prompted by an imbalance in supply and demand.
The settlement nomination - if it held up - would result in an April BD settlement of $1.25/lb. The March contract settled at $1.04/lb.
BD settlements are usually at the lowest nomination from the four major producers. However, on four occasions since September 2010, the BD settlement has split, with three producers settling at a common price, while the fourth producer settled at a different value.
A BD buyer said the large nomination for April indicated the strength of market sentiment toward higher prices.
US spot prices for BD were 105-115 cents/lb CIF (cost, insurance and freight) basis, as assessed by ICIS.
US BD producers include ExxonMobil, INEOS, LyondellBasell, Shell and TPC Group.($1 = €0.70)
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