Paraxylene traders seek to extend long positions in view of further price rise in Asia

Asia's paraxylene (PX) spot traders are seeking to extend their long positions in anticipation of further price rises ahead, industry participants informed, Tuesday.

Although the PX market balance was generally long, according to one source, sentiment towards PX has been buoyed by a strong rise in crude oil prices over latest trading sessions, coupled with a robust showing in purified terephthalic acid (PTA) prices downstream.

Eyeing further price rises in PX, traders are opting to swap prompt cargoes for back-month ones, sources said.