29 August 2011 22:24 [Source: ICIS news]
HOUSTON (ICIS)--US benzene market participants expect the September contract to settle at a decline, reflecting weaker spot prices and volatility within the market, some said on Monday.
Traders expect the September contract to settle at about the $4.00/gal ($1,197/tonne, €8.26/tonne) mark, down 13 cents from the August benzene contract at $4.13/gal FOB.
Current benzene spot prices at $3.98-4.02/gal FOB were also down from the August benzene contract price.
Benzene spot prices during the final week of the month typically indicate the direction of contracts.
Benzene spot prices have been volatile for much of August due to global economic uncertain in light of the US credit downgrade on 5 August.
Spot levels were at a high of $4.32-4.40/gal FOB on 2 August, but have gradually moved lower.
($1 = €0.69)
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