Olefins traders are going long on propylene and buying March cargoes at higher prices in anticipation of a market rally after the Lunar New Year holiday, as per market sources in ICIS. The recent spikke in feedstock naphtha prices to above US$1000/ton (€740/ton) FOB (free on board) Japan and arbitrage deals to the US and Europe earlier this month also stoked the bullish sentiment, as per ICIS.
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