01 October 2013 17:37 [Source: ICIS news]
HOUSTON (ICIS)--US spot ethylene prices for front-month material fell below the 50 cent/lb level for the first time in 14 months after a trade on Tuesday.
Sources said October ethylene traded at 47.5 cents/lb ($1,047/tonne, €775/tonne) on Tuesday, continuing its fall from September.
The deal is the first below the 50.0 cent/lb level since a deal at 49.5 cents/lb in mid September 2012, and is the lowest since a deal done at 47.5 cents/lb in late July 2012.
Front-month ethylene traded at 50.25 cents/lb on 30 September, meaning spot prices fell 5.5% day on day.
Spot ethylene has been falling on long supply, as only one major US cracker is down. Demand has also been weaker on several downstream plant shutdowns.
Some sources said that the continued concerns about the US economy in the face of the government shutdown have also leant some downward momentum to ethylene prices.
($1 = €0.74)
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