10 April 2013 11:08 [Source: ICIS news]
LONDON (ICIS)--The European benzene market has seen some upward movement, sources said on Wednesday, with steady gains in the US overnight and renewed confidence among some players supporting the positive trend.
After languishing around the $1,250/tonne (€950/tonne) CIF (cost, insurance and freight) ARA (Amsterdam-Rotterdam-Antwerp) level earlier in April, spot prices eventually edged up this week, with deals done at $1,275/tonne, $1,282/tonne and then later at $1,300/tonne.
This galvanised the market on Tuesday, 9 April – despite some initial resistance from buyers, which kept bids below $1,300/tonne.
Spot parcels for April delivery were traded as high as $1,315/tonne, while May moved into contango, with a range of $1,315-1,335/tonne heard.
April bids and offers were at $1,305-1,330/tonne this morning, with buyers still reluctant to follow sellers upward.
The US market saw gains of up to $0.12/gal on Tuesday, 9 April, with global bullishness prompting many traders to cover short positions ahead of possible price increases yet to emerge.
Meanwhile, others opted to take profits from contract price barrels purchased at just $4.36/gal. One source estimated that 140,000–180,000 barrels traded during the day.
The April Europe benzene contract was settled at a US dollar concept of $1,267/tonne FOB (free on board) NWE (northwest Europe), down $113/tonne from the previous month.
($1 = €0.76)
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