Asian MEG prices jumped further US$24 a ton CFR China and CFR South East Asia in the first week of November. In China, trading values surged during the week too.
Mono ethylene glycol spot prices surged again in Asian markets on bullish futures and short covering. During the second half of the week, several futures and financial traders were heard buying Yuan-denominated swaps on the futures market to cover short positions for H2 November and H1 December.
In Europe, MEG market ignored Asian gains as BASF’s EO plant in Ludwigshafen restarted. European MEG spot prices fell Euro5 a ton FD NEW on the week.
In US, MEG spot rose to five-plus-month high. Meanwhile, MEG production in Q3 2016 was 8% higher than in Q3 2015, but down 4% from Q2 2016. Nan Ya is yet to restart unit and Asian markets could be option for rest of year. US spot MEG increased US cent 0.50 per pound on the week.
Courtesy: Weekly PriceWatch Report
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