31 July 2012 16:35 [Source: ICIS news]
HOUSTON (ICIS)--A second US propylene producer has nominated a rollover for August, market sources said on Tuesday, adding that the US contract will settle flat or slightly lower next month.
A flat settlement would be the second in as many months, but the prospect that contracts could settle lower gained momentum on Monday as spot polymer-grade propylene (PGP) for August traded a few times at 49 cents/lb ($1,080/tonne, €886/tonne).
The US contract is typically priced around 2-3 cents/lb above spot prices.
PGP contracts in July settled at 52 cents/lb, unchanged from June, while chemical-grade propylene (CGP) contracts were steady at 50.50 cents/lb.
US propylene contracts normally settle at the beginning of the month being negotiated.
($1 = €0.82)
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