05 December 2013 16:20 [Source: ICIS news]
HOUSTON (ICIS)--US December propylene contract nominations moved higher on Thursday, sources said, tracking continued higher spot prices.
Sources said that the producer that initially nominated a 3.0 cent/lb ($66/tonne, €49/tonne) increase has moved its nomination to a 4.5 cent/lb rise.
A second producer came out with its initial nomination as well, for an increase of 4 cents/lb.
The November polymer-grade propylene (PGP) contract settled at 66.5 cents/lb and the chemical-grade propylene (CGP) contract settled at 65.0 cents/lb.
Propylene contract prices often follow recent spot prices for PGP, which have been reported at the 69-70 cents/lb level.
The rise in spot prices is mainly being attributed to low inventory levels and stronger demand on the back of pre-buying ahead of further expected increases at the start of 2014.
($1 = €0.74)
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