- July/August Physical Backwardation Reduces- CPC procures August supplies



According to market sources, Asian benzene
prices were mostly rangebound during the fourth trading session of the week.
This was due to lackluster fundamentals that did not inspire much trading
interest. The
FOB Korea benzene markets fell from $2-3/mt down to $1,256-1,280/mt on June 30. Some participants looked ahead to September lay can as a bid
was made at $1.221-2.340/mt FOB Korea, against an offer for August FOB Korea at
$1.253-2.500/mt. This indicated some
support for the September lay can to hover around $1200-1230s/mt, even though
benzene fundamentals would still remain subject to wider oil market
fluctuations. August/September physical
spread stood at $30-35/mt backwardation. The
floating market saw stable buying interest for CFR China basis cargoes. A
floating bid for July arrival cargo was received at plus...