Acetic Acid Weekly Report 23 August 2019

Weekly Price Trend: 19-08-2019 to 23-08-2019

• The above given graph focuses on the Acetic Acid price trend from 19^th Aug to 23^rd Aug 2019. If we take a quick look at the above given weekly prices, it can be observed that prices increased significantly for this week.
• Prices remained vulnerable with high rise in prices for this week. Prices were assessed at the level of Rs.41/Kg for Kandla and Mumbai port for bulk quantity.

Booking Scenario

INDIA& INTERNATIONAL

• Domestic prices of Acetic acid were assessed around Rs.41/Kg for Kandla and Mumbai port of India.
• CIF India prices for Acetic Acid were assessed around USD 480-500/MT with an rise of USD 30/MT in international prices for this week.
• Prices for Methanol have reduced for this week as well. CFR India prices were assessed at the level of USD 207/MT, reduced by USD 8/MT in compare to last week’s closing values.
• Indian market is operating at slow note due to ongoing festive season across the nation.
• Benzene the major source for aromatic products has also improved for this week. FOB Korea values for Benzene were assessed around USD 670/MT, increased by USD 20/MT for this week, while CFR China prices also improved and were assessed at the level of USD 660/MT for this week.
• Oil prices have been weakening in past few days as worries about the global economy weighed and equity markets were under pressure as uncertainty over the outlook for U.S. interest rate cuts left investors on edge.
• Traders are awaiting a speech from Federal Reserve Chair Jerome Powell on Friday in Jackson Hole, Wyoming, that could indicate whether the U.S. central bank will continue to cut interest rates. The market will be shifting focus today to broader based macro headlines with comments out of Jackson Hole likely to be prioritized in this regard.
• On Thursday, closing crude values have decreased. WTI on NYME closed at $55.35/bbl. Prices have decreased by 0.33/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is decreased by 0.38/bbl in compare to last closing price and was assessed around $59.92/bbl. 

1$: Rs. 71.66

Import Custom Ex. Rate USD/ INR: 71.85

Export Custom Ex. Rate USD/ INR: 70.15