US July propylene contract gets second nomination, up 1 cent/lb
John Dietrich
03-Jul-2014
HOUSTON
(ICIS)–Sources said on Thursday that a second nomination has
been heard for US July propylene contracts, this one at a
slight increase.
Sources said a producer nominated a 1 cent/lb ($22/tonne) increase for July, compared with a previous nomination for a rollover.
June polymer-grade propylene (PGP) contracts settled at 67.5 cents/lb and June chemical-grade propylene (CGP) contracts settled at 66.0 cents/lb.
The nomination for an increase comes as spot PGP prices have been increasing in recent weeks on improved demand and higher global energy values.
US propylene contracts typically settle 2-3 cents/lb above recent spot trading. That could put July contracts anywhere from a decrease of 0.25 cent/lb to an increase of 0.75 cent/lb.
The recent rebound in propylene has some sources saying
that the market has bottomed out after contracts decreased in
each of the past five months.
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