Acetic Acid Weekly Report 19 Aug 2017

Weekly Price Trend: 14-08-2017 to 18-08-2017

• The above given graph focuses on the Acetic Acid price trend from 14th August 2017 to 18th Aug 2017. If we take a quick look at the above given weekly prices, it can be observed that this prices remained stable for this week.’
• By end of this week, prices were assessed at the level of Rs.32/Kg for Kandla and for Mumbai port for bulk quantity.

Booking Scenario

INDIA& INTERNATIONAL

• Domestic prices of Acetic acid remained stable to firm for this week. There has been limited supply of the chemicals in the market. Prices were assessed at the level of Rs.32/Kg for Kandla and Mumbai port for bulk quantity.

• CIF India prices of Acetic acid were assessed around USD 420-440/MTS, with a rise of USD 30/MTS in compare to last week’s closing values. The overall market trend remained volatile throughout this week with majority of chemicals witnessing slowdown in international values.

• Due to ongoing monsoon season demand for Acetic Acid also plunges in domestic consumption.

• Now with starting of festive season across the nation requirement for paints and coatings will increase will in turn boost up the demand for this chemical.

• There has been continuous oscillation in crude prices for this week.  On Thursday oil prices rose as renewed attention was put on U.S. oil stockpile declines at Cushing, the delivery hub for U.S. crude futures. 
• On Thursday, closing crude values have increased.WTI on NYME closed at $47.09/bbl, prices have increased by $0.31/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.76/bbl in compared to last trading and was assessed around $51.03/bbl.
• Market players further anticipate that crude oil prices are likely to trade sideways on the back of short covering after drop in prices. As per market predictors, the oil market has experienced a high level of disruptions to crude supply in recent years. Prices could spike above $70 a barrel if recently restored production in Nigeria and Libya falls again. But it could also sink below $40 if disruptions elsewhere in the world get resolved, putting more crude oil into the market.
• Moreover, OPEC reported its production continued to rise despite its supply quota deal with Russia. Analysts remain unconvinced that OPEC can re-balance the global oil markets without full participation from all cartel members.

1$ : Rs. 64.14
Import Custom Ex. Rate USD/ INR: 65.15
Export Custom Ex. Rate USD/ INR: 63.45