05 January 2012 14:57 [Source: ICIS news]
LONDON (ICIS)--Some initial European January toluene contracts have been heard at $1,060–1,070/tonne, up by $23–25/tonne from the previous month, on firmer sentiment for the new year as well as higher crude and energy prices, sources said on Thursday.
One major buyer confirmed that it had settled January contracts at $1,060/tonne (€816/tonne), $1,065/tonne and $1,070/tonne, citing stronger fundamentals as the key driver behind the upward movement.
Another seller confirmed on Thursday that it had failed to settle with its counterparty for the monthly contract price, and will revert to a fall-back mechanism for January.
While there is some upward pressure on pricing because of tighter availability this month, the wider economic uncertainty is keeping players cautious.
The settlements were done on a free on board (FOB) northwest Europe (NWE) basis. Further confirmation from other players is pending.
($1 = €0.77)
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