Europe Oct CX contract settles at €723.50/tonne

30 September 2016 13:39 Source:ICIS News

LONDON (ICIS)--The October European cyclohexane (CX) contract has settled at €723.50/tonne, down €32.50/tonne after the Q4 delta settlement and the benzene settlement, sources said on Friday.

The October European benzene settlement was confirmed at €597/tonne, down €30/tonne from the previous month, as the initial agreement received further support from players on Friday.

The settlement was agreed at a US dollar concept of $670/tonne and converted to the euro price at an agreed exchange rate of €1:$1.1225.

A reduction had been anticipated, with European benzene spot numbers drifting lower in the days leading up to the contract settlement. With no clear driving forces coming from the market, prices have been tracking developments on crude oil and energy this week.

The European CX Q4 delta contract has been confirmed at €126.50/tonne, a decrease of €2.50/tonne from the third quarter, two producers and three buyers confirmed this week. 

The €126.50/tonne was said to represent a compromise between the buyers and sellers involved. 

The monthly CX contract price comprises the sum of the monthly benzene contract and the quarterly CX delta contract.

By Katherine Sale