Asian paraxylene: Weak futures of PTA weigh on prices- PX naphtha
spread narrows- Bids lift October marketAsian paraxylene was down $9.67-10.50/mt to
$1,065.33-1,100.50/mt CFR Taiwan/China on August 19, after purified Terephthalic
Acid futures fell on China's Zhengzhou Commodity Exchange. The front-month PTA futures
contract fell Yuan 96-110.50/mt to Yuan 5,846-6,000/mt in the afternoon
session. Although traders expected PX
prices would fall further in the Market on the Close process from Commodity
Insights on August 19, strong oil values slowed the decline. The Brent crude oil futures contract for October rose $1.57-2.50/b
from $95.55-100.50/b on August 19, while the C&F Japan naphtha market
increased by $689.25-720.50/mt from $681.50-700.25/mt to $689.25-710.50/mt. Participants such as GS Caltex and Glencore, SK, and Total
bid for cargoes in October. PetroChina sold
an October cargo at $1,077-1,100.50/mt to GS Caltex towards the end of...