03 May 2013 09:55 [Source: ICIS news]
LONDON (ICIS)--The European May benzene contract has been confirmed at €1,056/tonne, up €64/tonne from the previous month, as the initial settlement received further support from players on Friday.
The contract was agreed at a US dollar concept of $1,385/tonne FOB (free on board) NWE (northwest Europe) and converted to the euro price at the agreed exchange rate of €1:$1.3116.
An increase had been widely expected following gains in the spot market in the second half of April, the market moving up on renewed demand for May despite a sharp drop in oil and energy futures.
There was talk of prompt May deals done as high as $1,430/tonne towards the end of April, but these were unconfirmed. May traded several times at $1,385/tonne, however, ahead of the monthly contract settlement.
“The market has been a bit all over the place this week,” said one trader, noting that deals have also been done for May as low as $1,340/tonne.
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