Acetic Acid Weekly Report 20 June 2019
Weekly Price Trend: 17-06-2019 to 21-06-2019
- The above given graph focuses on the Acetic Acid price trend from 17th June to 21st June 2019. If we take a quick look at the above given weekly prices, it can be observed that prices remained firm in values.
- Prices remained stable-to-firm throughout this week. By end of this week, prices were assessed at the level of Rs.30.5/Kg for Kandla and for Mumbai port for bulk quantity. Prices have improved by Rs.1/Kg for bulk quantity in compare to last week’s closing values.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid were assessed around Rs.30.5/Kg for Kandla and for Mumbai port of India. There has been improvement in domestic values on back of strong demand and improved market conditions.
- CIF India prices for Acetic Acid were assessed around USD 350-370 slightly increased by USD 20/MT in compare to last week’s closing values.
- Prices for Methanol have remained stable for this week. But since last six months there has been slowdown in international prices for Methanol. It has been floating below USD 270/MT mark and has not seen any major hike in last two months.
- Severed tension between Iran and US has resulted in the soaring of crude values in international market. In the early hours on Thursday, Iran shot down a U.S. drone, with both sides reporting conflicting accounts. The U.S. says the drone was in international waters, while Iran says that the drone had entered Iranian air space. The incident adds to the boiling cauldron of tension between the two countries.
- In early trading on Thursday, WTI was up more than 4 percent and Brent was up more than 3 percent, surging to the highest level since late May.
- The confused policy of US against Iran has been the talk of town. With no proper reasons US has been escalating the tension and has been prompting Iran to take any major negative step.
- The rapid spike in tension has only moved crude oil prices in fits and starts over the last few weeks. The prospect of a major war, and the potential disruption to maritime trade in the Persian Gulf, was largely shrugged off by oil traders.
1$: Rs. 69.55
Import Custom Ex. Rate USD/ INR: 70.40
Export Custom Ex. Rate USD/ INR: 68.70
