Acetic Acid Weekly Report 11 Feb 2017
Weekly Price Trend: 06-01-2017 to 10-02-2017
- The above given graph focuses on the Acetic Acid price trend from 6th Feb 2017 to 10th Feb 2017. If we take a quick look at the above given weekly prices, it can be observed that this week price of Acetic Acid remained stable for this week.
- By end of this week, prices were assessed at the level of Rs.29.5 /Kg for Kandla and Mumbai port for bulk quantity.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid reduced significantly for this week. Prices were assessed at the level of Rs.29.5/Kg for Kandla and for Mumbai port.
- CIF India prices of Acetic acid were assessed around USD 375-395/MTS, with decline of USD 10/MTS in compare to last week’s closing values.
- Feedstock Methanol CFR India prices were assessed in the range of USD 230-240/MT.
- Crude oil prices again followed mixed throughout this week and by end of the week prices increased after an unexpected draw in U.S. gasoline inventories pointed to higher demand in the world's biggest oil market.
- According to reports, U.S. commercial crude inventories rose, high fuel inventories and rising U.S. crude production meant oil markets would be over-supplied for some time, but that they would drain gradually, while the rest of the world already showing signs of tightness.
- The crude oil inventory build was really terrible for the market but the market does not seem to care because the products inventories were better than expected and are dragging crude oil prices up with it.
- Market Analysts said that in near term prices could be volatile as higher U.S. crude supplies balanced output cuts by the OPEC and other producing nations. Recently oil is in a very dangerous zone because market is moving with bearish velocity.
- On Thursday, closing crude values have increased.WTI on NYME closed at $53.00/bbl, prices have increased by $0.66/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.51/bbl in compared to last trading and was assessed around $55.63/bbl.
1$ : Rs. 66.88
Import Custom Ex. Rate USD/ INR: 68.40
Export Custom Ex. Rate USD/ INR: 66.70
