US ethylene expected to settle lower for June: source

Chemical News: US ethylene expected to settle lower for June: source

https://www.chemnet.com Jul 06,2011 Platts
The US ethylene contract price for June is expected to settle 1-2 cents lower than May, a market source said.

"We think it will move down about a penny and a half," the source, a major buyer, said.

May settled at 58.50 cents/lb, up just 1.25 cents/lb from April despite spot ethylene averaging 66.50 cents/lb for the month. Market sources cited poor demand from the polyethylene markets as a key reason for the nominal hike.

A similar situation could be seen for June, when spot ethylene averaged north of 62.25 cents/lb, according to Platts data.

Spot ethylene has lost considerable ground recently, shedding more than 8 cents over the past two weeks.

"It's coming down," a source with a producer said.

On Tuesday, July bids were heard at 54.50 cents//b against no offers. Ethylene was last assessed Friday on either side of 55.375 cents/lb.
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