04 November 2013 20:59 [Source: ICIS news]
HOUSTON (ICIS)--A US producer has made the initial nomination for November propylene contracts, pushing for a rollover, sources said on Monday.
The producer nominated November contracts for polymer-grade propylene (PGP) to stay at 67.5 cents/lb ($1,488/tonne, €1,101/tonne).
Sources said the nomination is in line with expectations as US spot PGP prices ended October at a 3-4 cent/lb discount to contract material.
Contract PGP typically settles 2-3 cents/lb higher than the most recent spot trades, so sources expected a fall in the November settlement.
Major US propylene producers include Chevron Phillips Chemical, ExxonMobil, LyondellBasell, PetroLogistics and Shell Chemical.
($1 = €0.74)
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