Singapore — Paraxylene derivatives instruments settled on the Singapore Exchange, or SGX, recorded a new year-to-date high of 4.169 million mt in the week ended Sept. 11, SGX data showed Sept. 14.
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This marks an all-time high with the previous high at 3.994 million mt in 2018.
A PX volume of 209,300 mt was traded on the SGX in the week ended Sept. 11, bringing the month-to-date volume to 262,900 mt.
Trading volume increased since the start of the year amid volatility across the oil and petrochemical markets caused by the pandemic.
Meanwhile, 67,000 mt of benzene futures was cleared during the week ended Sept. 11, bringing the month-to-date volume of paper trades cleared on the Singapore Exchange to 123,000 mt.
The year-to-date volume stands at 1.54 million mt.
However, in futures trading Sept. 14, December benzene paper was bid at $428/mt, while November paper was bid at $423/mt, revealing an expectation of price improvement as traders begin to form an opinion on cargoes loading in 2021.
December futures will be cleared on the Singapore Exchange, settling off of the Platts Daily FOB Korea benchmark in December, which will take the pricing average of cargoes loading in January and February.
Platts physical Asian paraxylene and benzene assessments are used to clear paraxylene and benzene derivatives on the Singapore Exchange.