Acetic Acid Weekly Report 29 May 2020

Weekly Price Trend: 25-05-2020 to 29-05-2020

• The above given graph focuses on the Acetic Acid price trend from 25^th May to 29^th May 2020. If we take a quick look at the above given weekly prices, it can be observed that prices has been volatile throughout this week.
• With relaxation in lockdown across the country there has been slight slowdown in domestic prices for Acetic Acid.
• By end of the week prices were assessed at the level of Rs.26/Kg, with minor change in values for this week.

Booking Scenario

INDIA& INTERNATIONAL 

• Domestic prices of Acetic acid were assessed around Rs.26/Kg for Kandla and for Mumbai ports of India.
• CIF India prices for Acetic Acid were assessed around USD 410-430/MT for this week.
• Oil prices headed high today for a fourth straight week of gains, indicating that there has been improvement in the demand for fuel as many countries across the world has started to give relaxation in the social restriction and lockdown which was earlier imposed due to coronavirus pandemic.
• All the global trends are making difficult for the survival developing nations. Already brutally affected by COVID. The growing tension between India and China over border issues, worsening of China and US terms has been adding to difficult times ahead for the world.
• Dow also wants more clarity on US-China trade relations before pursuing larger projects. European chemicals stocks and bourses rose healthily on Thursday on the back of hopes the lockdown easings will revive economic activity and liquidity provided by central banks will soften the recession.
• The rally needs a breather. It has been four weeks of gains and the market needs to buy time for downstream prices to catch up. Thursday’s data from the Energy Information Administration showed that U.S.crude oil and distillate inventories rose sharply last week. Fuel demand remained slack even as various states lifted travel restrictions they had imposed to curb the coronavirus pandemic, analysts said. 
• On other side Saudi Arabia and some OPEC members are considering extending record production cuts of 9.7 million barrels per day beyond June, but have yet to win support from Russia. 
• On Thursday, closing crude values have increased. WTI on NYME closed at $33.71/bbl. Prices have increased by 0.90/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 $35.29/bbl. 

1$: Rs. 75.62

Import Custom Ex. Rate USD/ INR: 76.60

Export Custom Ex. Rate USD/ INR: 74.90