Asian Benzene Weekends with Signs of Price Trend Placing■ Physical backwardation spread thins■ July Paper inked at $1.400-2.500/mt. Benzene-naphtha
narrows





As the Asian benzene market ended its week,
it appeared to have reached a plateau. Buyer interest slowed ahead of final
port and lay can declarations. FOB
Korea benzene physical markers stood at $1.452-2.500/mt on June 10, compared to
$1,451.67-1,480.50/mt one session ago. This indicates a slowdown of the
uptrend. Both bids and offers for July FOB
Korea lay can be contingently heard at $1.465-2.500/mt. They were then
withdrawn but returned at the same level later. The trade was eventually heard at $1,465-1,500/mt for the
same laycan in the late afternoon hours. A
physical spread offer slashed the backwardation structure of July/August to
plus $39-45/mt instead of plus $55-60/mt. This reflected a decline in bullish
expectations. For...