Acetic Acid Weekly Report 09 June 2018
Weekly Price Trend: 04-06-2018 to 08-06-2018
- The above given graph focuses on the Acetic Acid price trend from 4th June 2018 to 8th June 2018. If we take a quick look at the above given weekly prices, it can be observed that prices remained firm for this week.
- Domestic prices have increased to high level due to acute supply in the local market.
- By end of this week, prices were assessed at the level of Rs.58.5/Kg for Kandla and Rs.58/Kg for Mumbai port for bulk quantity.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid assessed around Rs.58.5/Kg for Kandla and Rs.58/Kg for Mumbai port of India. Prices remained vulnerable throughout this week.
- CFR India price were assessed around USD 770-790/MT reduced by USD 20/MTS in compare to last week’s closing values.
- There has been acute supply of chemical in the domestic market which in turn has led to significant hike in prices. The prices are expected to soar up further as there is no relief in the supply end.
- This week oil prices have followed volatile trend. On Thursday oil prices surged due to concern about a steep drop in exports from Venezuela and concerns OPEC may not raise production at its meeting this month.
- On Thursday, closing crude values have increased. WTI on NYME closed at $65.95/bbl; prices have increased by $1.22/bbl in compared to last closing prices. While Brent on Inter
- Continental Exchange increased by $1.96/bbl in compare to last closing price and was assessed around $77.32/bbl.
- As per report, Crude prices got an early lift on concerns about exports from Venezuela. Gains grew while OPEC would focus on balancing the market rather than on rolling back production caps.
- The OPEC and other producers including Russia have cut output since 2017 to reduce a global crude glut. The group meets in Vienna on June 22 to discuss its supply policy. Market players said that to maintain the balance between supply and demand to ensure the stability of the oil markets matters to us
1$ : Rs. 67.50
Import Custom Ex. Rate USD/ INR: 67.95
Export Custom Ex. Rate USD/ INR: 66.15
