Acetic Acid Weekly Report 11 October 2019

Weekly Price Trend: 07-10-2019 to 11-10-2019

• The above given graph focuses on the Acetic Acid price trend from 7^th Oct to 11^th Oct 2019. If we take a quick look at the above given weekly prices, it can be observed that prices increased significantly for this week.
• Prices increased heavily for this week. By end of the week prices were assessed at the level of Rs.38/Kg, an increase of Rs.1.5/Kg in a week.

Booking Scenario

INDIA& INTERNATIONAL

• Domestic prices of Acetic acid were assessed around Rs.38/Kg for Kandla and for Mumbai port of India.
• CIF India prices for Acetic Acid were assessed around USD 490-510/MT, increased by USD 30/MT in this one week.
• Prices for Methanol improved significantly for this week. CFR India prices were assessed at the level of USD 227/MT, increased b USD 2 for this week in compare to last week’s closing values.
• There has been rise in crude prices on back of building on gains in the previous session, after producer club OPEC hinted at making deeper cuts in supply while optimism was revived over talks between the United States and China to end their trade war.
• On Thursday Mohammad Barkindo, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said all options were on the table, including a deeper supply cut to balance oil markets. A decision would be taken at a December meeting between the OPEC and its partners, he said.
• OPEC lowered its 2019 global oil demand growth forecast to 0.98 million barrels per day (bpd), while leaving its 2020 demand growth estimate unchanged at 1.08 million bpd, according to OPEC's monthly report
• Beyond OPEC, trade talks between the United States and China also remained on market radar as the world's top two economies seek to resolve a more-than-a-year-long trade row that has slowed global economic growth and curbed fuel consumption.
• On Thursday, closing crude values have increased. WTI on NYME closed at $53.55/bbl. Prices have increased by 0.96/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 0.78/bbl in compare to last closing price and was assessed around $59.10/bbl

1$: Rs. 71.02

Import Custom Ex. Rate USD/ INR: 72.15

Export Custom Ex. Rate USD/ INR: 70.45