24 October 2012 21:46 [Source: ICIS news]
HOUSTON (ICIS)--With October coming to a close next week, some US market participants were already moving to lower priced November benzene on Wednesday, according to trade sources.
The shift to lower November benzene comes a nearly a week after October benzene spot prices traded at a record high of $5.35/gal ($1,601/tonne, €1,233/tonne) FOB (free on board) on the back of strained supply availability.
Current October spot prices were discussed at $5.00-5.30/gal DDP (delivered, duty paid) earlier in the day, a wider range compared with $5.00-5.10/gal the previous session.
Meanwhile, November benzene prices were still backwardated with December.
Outer-month November benzene spot prices, which will become the prompt month later this week, were discussed at $4.95-5.10/gal FOB today.
Some trade participants expect November prices to decline even more next week as delayed imports from Asia arrive.
($1 = €0.77)
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