Asia benzene hits six-week high on strong US, Europe markets

20 November 2013 10:20  [Source: ICIS news]

SINGAPORE (ICIS)--Spot benzene prices in Asia hit a six-week high on Wednesday, bolstered by sharp gains in the Europe and US markets overnight, industry players said.

Benzene closed at $1,275-1,283/tonne (€944-949/tonne) FOB (free on board) Korea for December loading and at $1,270-1,275/tonne FOB Korea for January parcels, up by $21-26/tonne from Tuesday’s close, according to ICIS.

In Europe and the US, benzene prices rose by $10-50/tonne on 19 November from the previous day, ICIS reported.

The spike in US prices re-opened the Asia-US arbitrage window for benzene, prompting some traders to scurry forward to build up stocks for January, market players said.

There were also short-covering activities by some Asian traders that further lent support to benzene prices, they said.

($1 = €0.74)


Author: Ong Sheau Ling



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