- Market talks remain thin- CPC's term tender cancelled without much surprise



Mixed signals were evident in the Asian
benzene marketplace as term contract discussions remained deadlocked and prices
moved in different directions. FOB
Korea benzene physical markers rose $15/mt daily to $807.33/mt Nov. 23, after
strong bidding on the second-half of December-loading cargo at $803/mt. A January-loading cargo offer at $788/mt was rejected and
was overruled by a strong January bid that lasted for $795/mt. Participants were cautious about hedging positions on the
derivatives market. While outrights were
in the same trend as physicals, they showed little movement. Time spreads
ranges remained narrow while time spreads ranges remained narrow. The session ended with January benzene paper being offered
at $795-810/mt. The market is likely to
shift towards a supply-heavy January due to newcomers entering the...