Asian naphtha prices surge to nine-month high on firmer Brent

09 February 2012 09:09  [Source: ICIS news]

SINGAPORE (ICIS)--Asia’s open-spec naphtha prices surged to a nine-month high on Thursday, closing at near $1,030/tonne (€773/tonne) CFR (cost & freight) Japan in line with strong Brent crude futures, traders said.

The contract rose by $8-9/tonne to $1,028-1,030/tonne CFR Japan in line with crude-driven gains during afternoon trade, from levels earlier in the session – the highest since 11 May 2011, according to ICIS data.

There was a deal done during open-market trade on Thursday, with UK-based Cargill buying a naphtha cargo for the first half of April from Shell at $1,021/tonne CFR Japan.

($1 = €0.75)

By: Felicia Loo

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