Asia naphtha hits near two-week high on firm Brent crude

10 October 2013 10:39  [Source: ICIS news]

SINGAPORE (ICIS)--Asia’s naphtha prices rebounded at the close of trade on Thursday, rising to near two-week high levels in response to firmer Brent crude futures.

The second-half November naphtha contract rose by $9/tonne from Wednesday to $918.50-920.50/tonne (€679.69-681.17/tonne) CFR (cost and freight) Japan, as Brent crude futures topped $110/bbl on geopolitical issues, traders said.

Naphtha prices were at the highest levels since 23 September when they closed at $927.00-929.00/tonne CFR Japan, ICIS data showed.

Meanwhile, there were four naphtha cash trades in open market session, traders said.

The spread between the second-half November/second-half December contracts was traded at a backwardation of $3/tonne and at $3.25/tonne in backwardation, they said.

The first-half December contract changed hands at $917.00/tonne and at $918.00/tonne, they said.

($1 = €0.74)

By: Felicia Loo

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