07 October 2013 10:43 [Source: ICIS news]
SINGAPORE (ICIS)--Asia’s open-spec naphtha prices spiralled down on Monday on falling crude futures, with the crack spread tumbling to a five-month low on surplus cargo availability, traders said.
The second-half November contract fell to $890.25-892.25/tonne (€658.79-660.27/tonne) CFR (cost and freight) Japan, down by $14.25/tonne from 4 October, ICIS data showed.
At the close of trade on Monday, a first-half December contract changed hands from trading firm Glencore to Japanese trading firm Marubeni at $891/tonne, traders said.
The naphtha crack spread weakened to $79.38/tonne against November Brent crude futures, down by 8.1% from 4 October, when the crack spread stood at $86.35/tonne, ICIS data indicated.
The crack hit the lowest levels since 7 May this year, when it closed at $76.07/tonne, according to the data.
($1 = €0.74)
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