SINGAPORE, May 30 (Reuters) - India’s Reliance Industries Ltd has sold 75,000 tonnes of naphtha for June 24-27 lifting from Sikka at about $25 per tonne above Middle East quotes on a free-on-board (FOB) basis, down nearly 33 percent compared with a previous sale, traders said on Wednesday.
Weaker demand and rising supplies are weighing on premiums.
Reliance had recently sold 75,000 tonnes for early June lifting at premiums of about $35.50 per tonne.
“The weak fundamentals are likely to persist all through the third quarter,” said a trader.
Premiums are expected to fall further, traders said. (Reporting by Seng Li Peng; Editing by Chris Lewis)