MEG prices shoot up on bullish futures amid active trading

Asian MEG prices surged US$44 a ton CFR China and CFR South East Asia in the second week of November. In China, trading values were up US$20-25 a ton on the week.

Mono ethylene glycol prices jumped in Asian markets on bullish futures amid active trading. Several futures and financial traders were heard buying Yuan-denominated swaps on the futures market to cover short positions for H2 November and taking long positions for H1 December.

In Europe, MEG markets were under pressure from bearish ethylene and ignoring the hike in November contract prices.

In US, MEG sellers eyed arbitrage to Asia since weaker ethylene kept pressure on domestic market although demand was good for spot and contract buying. US spot MEG gained US cent per pound on the week.

Courtesy: Weekly PriceWatch Report

Recent Posts

Nylon or polyamide markets move up amid modest demand

In May 2020, nylon filament yarn prices were talked up amid climbing prices in the upstream CPL and nylon chip…

4 years ago

Polyester fiber, yarn prices firmer amid a rebound in PTA and MEG markets

In May 2020, polyester filament yarn prices recovered in China supported by higher prices in the polyester staple fibre markets.

4 years ago

Viscose or rayon markets continue to weaken in Asia

Viscose staple fibre prices in April were mostly down in the Asian markets of China, India, and Pakistan. In China,…

5 years ago

Acrylic fiber prices slip amid low acrylonitrile and propylene costs

Feedstock, propylene prices in Asia fell in April amid historic lows in the crude oil and naphtha markets that month.…

5 years ago

Nylon or polyamide markets slump on lackluster sentiment

Nylon or polyamide chip markets slumped in March amid weakening prices in the raw material CPL markets while downstream buying…

5 years ago

Polyester prices nosedive to multi-year lows across the world

In March 2020, polyester staple fiber (PSF) prices declined month-on-month in China as demand was weak and supply was abundant.…

5 years ago