Acetic Acid Weekly Report 08 July 2017

Weekly Price Trend: 007-2017 to 07-07-2017

• The above given graph focuses on the Acetic Acid price trend from 3rd July 2017 to 7th July 2017. If we take a quick look at the above given weekly prices, it can be observed that this week there has been significant rise in domestic values.
• By end of this week, prices were assessed at the level of Rs.41/Kg for Kandla and for Mumbai port for bulk quantity.

Booking Scenario

INDIA& INTERNATIONAL

• Domestic prices of Acetic acid increased heavily for this week. There has been heavy demand with shortage in the supply of chemical. Prices were assessed at the level of Rs.41/Kg for Kandla and Mumbai port for bulk quantity.

• CIF India prices of Acetic acid were assessed around USD 400-420/MTS, with a decline of USD 10/MTS in compare to last week’s closing values. The overall market trend remained volatile throughout this week with majority of chemicals witnessing slowdown in international values.

• This week oil prices followed volatile trend. On Thursday oil prices closed on slightly higher note after a sharp but short-lived boost from a much bigger-than-expected decline in U.S. inventories of crude oil and gasoline. WTI on NYME closed at $45.52/bbl, prices have increased by $0.39/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.32/bbl in compared to last trading and was assessed around $48.11/bbl. Market players said the surge was driven by traders closing out short positions, or bets that oil prices would fall.
• There's a lot of bearishness out there now the market still believes supplies are not going to be in balance globally. Investors believe the OPEC will need to make further output cuts to offset thriving shale production in the United States.
• U.S. gasoline stocks dropped 3.7 million barrels in the most recent week, far exceeding the expected drop of 1.1 million barrels. Still, gasoline inventories remain about 6 percent above seasonal averages, so investors will watch for July data to see if demand is strong enough to whittle down stocks.

1$ : Rs. 64.59                                 
Import Custom Ex. Rate USD/ INR: 65.65
Export Custom Ex. Rate USD/ INR: 63.95