Acetic Acid Weekly Report 12 July 2019
Weekly Price Trend: 08-07-2019 to 12-07-2019
- The above given graph focuses on the Acetic Acid price trend from 8th July to 12th July 2019. If we take a quick look at the above given weekly prices, it can be observed that prices remained vulnerable for this week.
- Prices remained volatile throughout this week. By end of this week, prices were assessed at the level of Rs.30/Kg for Kandla and for Mumbai port for bulk quantity. Prices slightly increased and then re-corrected to its base value for this week.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid were assessed around Rs.30/Kg for Kandla and for Mumbai port of India. There has been heavy fluctuation in values in domestic values on back of weakening in demand from domestic market.
- CIF India prices for Acetic Acid were assessed around USD 350-370 with no change in compare to last week’s closing values.
- Prices for Methanol have also reduced significantly for this week. CFR India prices were assessed at the level of USD 13/MT and were assessed at the level of USD 249/MT.
- Crude oil prices rose 0.61 percent to Rs 4,157 per barrel in futures trade on July 12 as speculators raised their exposure, tracking a rebound in global markets.
- Non-OPEC crude oil supply will rise by 2.4 million bpd next year, OPEC said in its latest Monthly Oil Market Report.
- The cartel added that the rise would be driven by the addition of new pipeline capacity in North America, most likely meaning the United States as Canada’s pipeline woes continue and Mexico struggles to reverse declining production. In fact, OPEC mentioned the natural decline of production in Mexico would offset the effect of rising non-OPEC supply somewhat.
- It’s not just the U.S. that will expand production, however. New projects in Norway, Brazil and Australia will also contribute to the increase in non-OPEC supply.
- On Thursday day, closing crude values have decreased. WTI on NYME closed at $60.20/bbl. Prices have decreased by 0.23/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is decreased by 0.49/bbl in compare to last closing price and was assessed around $66.52/bbl.
1$: Rs. 68.68
Import Custom Ex. Rate USD/ INR: 69.75
Export Custom Ex. Rate USD/ INR: 68.05
