Acetic Acid Weekly Report 14 February 2020

Weekly Price Trend: 10-02-2020 to14-02-2020

• The above given graph focuses on the Acetic Acid price trend from 9^th Feb to 14^th Feb 2020. If we take a quick look at the above given weekly prices, it can be observed that prices decreased in this week.
• By end of the week prices were assessed at the level of Rs.29/Kg, slightly plunged in this week.

Booking Scenario

INDIA& INTERNATIONAL

• Domestic prices of Acetic acid were assessed around Rs.29/Kg for Kandla and for Mumbai ports of India.
• CIF India prices for Acetic Acid were assessed around USD 540-560/MT, remained unchanged for  this week,
• Prices for Methanol on other side remained decreased for this week. CFR India prices were assessed at the level of USD 205/MT, with plunge of USD 5/MTS in prices for this week.
• Oil futures ended higher Thursday, extending their streak of gains to a third straight session, as the potential for OPEC+ output cuts fuelled some optimism, despite a rise in the number of COVID-19 cases in China and lower forecasts for oil demand growth.
• Analysts said the fall in crude oil futures in the initials of the week was mostly due to trimming of positions by traders amid weak spot demand.
• Crude prices are cautiously eyeing a three-day winning streak amid a broader bearish move, as potential OPEC+ action and efforts to contain COVID-19 spread leave room for optimism,” said Robbie Fraser, senior commodity analyst at Schneider Electric, in a note.
• While confirmed cases of COVID-19…recently spiked according to reports out of China’s Hubei province, the increase is being attributed to a change in methodology for diagnosing the virus rather than a sudden increase in transmission.
• On Thursday, closing crude values have increased. WTI on NYME closed at $51.42/bbl. Prices have increased by 0.25/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 0.55/bbl in compare to last closing price and was assessed around $56.34/bbl.

1$: Rs. 71.40

Import Custom Ex. Rate USD/ INR: 71.65

Export Custom Ex. Rate USD/ INR: 69.95