16 February 2012 09:03 [Source: ICIS news]
SINGAPORE (ICIS)--Asia’s monoethylene glycol (MEG) prices have fallen to a two-month low after a 3% drop in ?xml:namespace>
May PTA futures, the most actively traded contract on the Zhengzhou Commodity Exchange, closed at yuan (CNY) 8,852/tonne ($1,405/tonne) on Thursday, down by CNY274/tonne from the settlement price on 15 February because of worries over the eurozone debt crisis.
The offers of spot MEG fell to $1,065-1,070/tonne (€820-824/tonne) CFR (cost & freight) China Main Port (CMP) for March shipments, $20/tonne lower from 15 February, according to data from ICIS.
Deals for March-delivery cargoes were concluded at $1,070/tonne CFR CMP and $1,075/tonne CFR CMP for bonded warehouse parcels early in the day, while negotiations at $1,060-1,065/tonne CFR CMP are underway.
“The market is full of offers and this [has worsened the] bearish sentiment,” a major regional trader said.
This is almost exceeding
The current quantity is equivalent to the country’s monthly consumption, according to ICIS.
($1 = €0.77, $1 = CNY6.30)
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