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Naphtha prices in Asia are expected to be range-bound

August 11/2011

(ICIS) -- Naphtha prices in Asia are expected to be range-bound, with players waiting for direction as the tumult in the equity markets this week sparked off fears of a global economic slump and lower demand for plastics, traders said on Thursday.

Naphtha, the feedstock for all petrochemicals, closed at USD 896.50-898.50/tonne (EUR 627.55-628.95/tonne) CFR (cost & freight) Japan on Wednesday, the lowest since 28 June when prices were at $877.50-879.50/tonne CFR Japan, ICIS data showed.

Prices were hit amid a global oil slump over the past few days, but crude oil futures bounced higher on Wednesday and dropped again in Asian trading on Thursday, beset by woes of the European debt crisis.

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