Acetic Acid Weekly Report 17 July 2020

Weekly Price Trend: 13-07-2020 to 17-07-2020

• The above given graph focuses on the Acetic Acid price trend from 13^th July to 17^th July 2020. If we take a quick look at the above given weekly prices, it can be observed that prices have been on increasing trend.
• By end of the week prices were assessed at the level of Rs.29/Kg, increased by Rs.3.5/Kg for 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 400-420/MT for this week, increased by USD 20/ MT for this week.
• Oil prices were broadly stable on Friday in early U.S. trading, as expectations of more economic stimulus programmes balanced concerns about the recovery in fuel demand as coronavirus cases surge and major crude-producing nations ready increases in output.
• Brent crude futures fell 15 cents to $43.22 a barrel by 12:10 EDT (1610 GMT). U.S. West Texas Intermediate (WTI) crude dropped 6 cents to $40.69. Both contracts were on track to remain broadly flat over the week.
• Lawmakers in the United States and the European Union are set to debate the next tranches of stimulus programmes over the coming days. "While virus cases remain on the rise in providing an upside price limiter, expectations for some additional Congressionally driven stimulus appear to be offering support to equities that is spilling into the oil space. Benchmark crudes fell 1% on Thursday after the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, agreed to trim record supply cuts of 9.7 million barrels per day (bpd) by 2 million bpd, starting in August.

1$: Rs. 75.02

Import Custom Ex. Rate USD/ INR: 76.10

Export Custom Ex. Rate USD/ INR: 74.40