Morning Briefing - 04 November 2024
CommoPlast
Morning Briefing
4 November 2024
Brent: $73.10 (+ $0.29)
WTI: $69.49 (+ $0.23)
Naphtha CFR Japan: + $17
Ethylene CFR NEA: + $10
Ethylene CFR SEA: Stable
Propylene FOB Korea: - $5
Propylene CFR China: - $5
*Data represent closing prices of the previous trading day
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Driven by robust demand, a leading Saudi producer has set its official propane selling price for Asia at a remarkable 20-month high. The latest offers, announced on October 31, 2024, reflect a modest increase of just $10/ton compared to the previous month, yet they mark a peak not seen since March 2023. Other regional producers are anticipated to follow suit, aligning their pricing strategies with the market leader’s benchmark.
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Malaysia’s domestic PP and PE prices saw a significant hike, as revealed in a major producer’s price list for November. The offers announced were RM 300-350/ton ($69 – 80/ton) higher than the previous month’s levels.
This increase was driven primarily by a weakening exchange rate and stronger trading in neighboring markets, rather than the strength of the local market. As such, local traders are concerned that the rebound will mark slower domestic trading for the coming weeks.
According to Oanda data, the ringgit declined by more than 6% against the US dollar in October–the sharpest monthly decline since August 2015.
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