Asian MEG Prices Higher on Week Despite Bullish Crude,
MEG futures■ Increases in Polyester Buoys Sentiment■ Uncertainty grows amid ethylene declines





Bullish crude oil futures and Chinese
domestic market MEG futures pushed Asian MEG prices higher during the week
ended June 10. Producers
said that successful increases in downstream polyester sectors helped buoy the
sentiment. According to market sources,
some polyester inventories have fallen to 20 days from 27 days a fortnight ago. However, inventories for some grades had slightly increased
to 40 days, from 39 days a few weeks ago. Traders
said that this was not a concern as these grades are used mostly for heavy
fabrics and are not suitable for summer apparel manufacturing. However, weak ethylene markets were weighing on sentiment. The weak derivative demand and increasing supply caused
ethylene prices to fall on June...