Reuters: Financial Services and Real Estate: Asia Naphtha-India's Reliance gets steep premiums

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Asia Naphtha-India's Reliance gets steep premiums May 4th 2012, 04:37 SINGAPORE | Fri May 4, 2012 12:37am EDT SINGAPORE May 4 (Reuters) - India's Reliance Industries has sold around 75,000 tonnes of naphtha at $44-$46 a tonne above Middle East quotes on a free-on-board (FOB) basis, a reflection that the bull-run is still persisting since early this year, traders said on Friday. The cargo is scheduled for May 20-25 lifting from Sikka. Although the current premiums were lower than a cargo it sold previously to Total for first-half May lifting at about $50 a tonne, they were above the average for Indian May cargoes at nearly $40 a tonne. "Premiums are still high as some traders may be covering their positions at a time of limited Indian exports for May," said a Singapore-based trader. India's May exports will not exceed 580,000 tonnes which sharply lags 2011's monthly average at close to 900,000 tonnes.

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