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Asian naphtha prices move up
28
Feb '08
Available reports show that, Japanese naphtha price for open specifications for the first half of April contract rose by US $9.50 to $908.50-909.50 per ton affected by higher close of crude oil futures the prior day.

Suppressed by weak market trend, the price gap of the second half of April contract was widened by 50 cents to $3 per ton.

According to traders, reasons for weak market trend were unknown, but the influx of Western naphtha at higher price and procurement volume of Taiwan's Formosa Petrochemical remained lower than expectation. These must have impacted the market trend.

In spot market, Glencore Company sold to Itochu one cargo of naphtha at US $903 per ton for shipment in firs half of May.

Fibre2fashion News Desk - China

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