Asia’s naphtha surges to near $990/tonne on positive data

03 December 2013 10:09  [Source: ICIS news]

SINGAPORE (ICIS)--Asia’s naphtha prices rose substantially on Tuesday to the highest levels since end-February this year, beating expectations of a price decline, as positive economic data from China signalled firm petrochemical demand, traders said.

Open-spec second-half January prices rose by $15.50/tonne (€11.47/tonne) from 2 December to $987.50-989.50/tonne CFR (cost & freight) Japan.

“There is a lot of supply. However, demand is very healthy,” said one market participant.

There were a couple of physical trades, with the first half of February contract done at $985.00/tonne from trading firm Vitol to MRI.

The second deal involved SOCAR buying the first-half February/second-half February spread from Glencore at a backwardation of $8.00/tonne, according to traders.

($1 = €0.74)

By: Felicia Loo

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