07 June 2013 11:34 [Source: ICIS news]
LONDON (ICIS)--The June European orthoxylene (OX) contract was confirmed at €1,095/tonne FD NWE, down €15/tonne from the previous month, sources said on Friday, as the initial settlement received further support from players.
The current macroeconomic bearishness, firmer euro against the dollar and slow downstream activity all supported the decrease. One producer also noted that the US contract for June had settled lower, adding to the downward sentiment this month.
While one consumer said its offtake levels are currently stable, it had noted that other areas of demand were facing challenges ahead of the summer period.
Despite some recent concerns surrounding supply amid several turnarounds in Europe, one major buyer said that it had seen no problems with availability this month.
One trader said that there was a spot parcel being offered for June, but that with European pricing currently higher than the other regions there were no firm corresponding bids.
($1 = €0.76)
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