Acetic Acid Weekly Report 3 June 2017

Weekly Price Trend: 29-05-2017 to 02-06-2017

• The above given graph focuses on the Acetic Acid price trend from 29th May 2017 to 2nd June 2017. If we take a quick look at the above given weekly prices, it can be observed that this week price of Acetic Acid remained volatile throughout this week.
• By end of this week, prices were assessed at the level of Rs.3.5/Kg for Kandla and Mumbai port for bulk quantity.

Booking Scenario

INDIA& INTERNATIONAL

• Domestic prices of Acetic acid remained volatile for this week. There has been continuous fluctuation in prices in this week. Prices were assessed at the level of Rs.32.5/Kg for Kandla and Mumbai port for bulk quantity.

• CIF India prices of Acetic acid were assessed around USD 390-410/MTS, with an increase of USD 5/MT in compare to last week’s closing values.
• Feedstock Methanol CFR India prices were assessed in the range of USD 230-240/MT.

• This week oil prices remained highly volatile. With a firm decision taken last week by OPEC, Russia and other producers to extend their agreement to curb output by 1.8 million barrels a day for another nine months, in order to rebalance the oil market, the bearish tone in the oil sector resurfaced.
• According to reports, U.S. oil supplies dropped by 6.4 million barrels last week, a positive for the market and a much bigger decline than expected. 
• On Thursday U.S. crude up slightly after a larger-than-expected domestic inventory drawdown.
• Closing crude values on Thursdayincreased.WTI on NYME closed at $48.36/bbl, prices have increased by $0.04/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.02/bbl in compared to last trading and was assessed around $50.33/bbl.
• As per market report, U.S. production increased, and the expectation is that ongoing activity in U.S. shale will continue to boost output, offsetting OPEC efforts.

1$ : Rs. 64.44
Import Custom Ex. Rate USD/ INR: 65.35
Export Custom Ex. Rate USD/ INR: 63.70