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Naphtha market activity remains passive

10
Oct '08
Today in the Asian Naphtha market buying activity remained subdued as one of the big Naphtha cracker operators at Mizushima closed their plant for Inspection purpose.

Speculators stayed away from the market for while hoping reduction in price as supply is expected to grow with in a short span of time. Another reason for the poor trading activity was slump in crude oil price.

Asian naphtha prices opened with a soft note on Friday. Prices for open spec naphtha cargoes on a CFR Japan basis slumped $32.25 per mt when markets opened in Asia, as Western crude benchmarks fell $4-$5 per barrel.

Contracts inked for the second half of November were pegged in the range of $609.00-$612.00 per ton CFR (cost and freight) Japan. For the first half of December at prices stood at $623.00-$626.00 per ton CFR Japan and second half December at $637.00-$640.0 per ton CFR Japan.

Fibre2fashion News Desk - China


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