29 June 2012 18:17 [Source: ICIS news]
HOUSTON (ICIS)--The July US benzene contract settled at $4.30/gal ($1,287/tonne, €1,030/tonne) on Friday, up 19 cents/gal from the June contract following heavy buying on tight supply positions.
The settlement was also in line with a nomination at $4.30/gal on Thursday at the same level, which comes as spot prices hit an all-time high according to ICIS.
One major benzene trader was seen buying heavily during the week to cover supply position, which pushed spot benzene prices up to $4.60-4.68/gal FOB (free on board) on Tuesday with an average at $4.64/gal FOB.
The $4.64/gal FOB average on Tuesday was the highest spot price according to ICIS.
Current benzene prices are at $4.30-4.80/gal FOB, up from $3.90-3.95/gal FOB on 1 June.
($1 = €0.80)
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