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MEG price declines after recent surge in Asia

YarnsandFibers News Bureau 2016-11-30 07:37:34 –

Asian MEG prices declined US$17 a ton while CFR China and South East Asia in the third week of November. Mono ethylene glycol prices declined after a surge last week, as traders were heard to be taking profits early in the week, with both Yuan-denominated swaps and US$-denominated spot cargoes traded sharply lower.

On 17th November 2016, MEG futures saw an upper limit up at close, a trend similar to that in the previous week, stimulated by fundamental sentiment that strengthened expectation of an increase in interest rates in the US.

In Europe, spot CIF prices rose, buoyed by the open arbitrage to Asian markets. CIF spot prices rose Euro5 a ton on the week.

In US, spot firmed to 7-month high as producers targeted December increases. Meanwhile, MEGlobal is likely to raise its December benchmark. US spot MEG gained US cent 0.50 per pound on the week. MEGlobal will increase its North American benchmark by US cents 2 per pound for December.

Courtesy: Weekly PriceWatch Report

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