Acetic Acid Weekly Report 3 May 2019

Weekly Price Trend: 29-04-2019 to 03-05-2019

• The above given graph focuses on the Acetic Acid price trend from 29^th April to 3^rd May 2019. If we take a quick look at the above given weekly prices, it can be observed that prices remained weak with continuous decline in values.
• Prices remained soft-to-stable throughout this week. By end of this week, prices were assessed at the level of Rs.31.5/Kg for Kandla and for Mumbai port for bulk quantity. Prices has reduced by Rs.2.5/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.31.5/Kg for Kandla and for Mumbai port of India. There has been decline in domestic values in compare to last week’s closing values.
• CIF India prices for Acetic Acid were assessed around USD 370-390 reduced by USD 20/MTS in compare to last week’s closing values.
• Prices for Methanol increased slightly for this week and were assessed around USD 310/MT for this week. With turbulence in crude values it has become difficult to anticipate Methanol values.
• The election period going in the country has been major factor affecting the sentiments for Indian economy. Traders are in mood to know first about the government to take lead and then make any fresh position in the market.
• This week there has been continuous rise in oil prices in international market. Price rise has been in particularly due to end in the sanctions in waivers given by US against Iran to several other nations.
• The chaos in Venezuela and plunge in the oil production is matter of great concern. The country has lost its stability and has been completely bankrupt. This in turn has led to decline in oil production. US has been forcing rest of the nations to corner Venezuela and stop taking any kind of fuel.
• Similarly with Iran the sanctions have been completely imposed with no mare waiver options. To this situation the supply has been curtailed from two major oil producing countries. But on contrary oil prices has lowered down due to ever increasing oil inventories in USD.
• Crude prices have lowered for this week. On Thursday day, closing crude values have decreased. WTI on NYME closed at $61.81/bbl. Prices have decreased by 1.79/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $1.43/bbl in compare to last closing price and was assessed around $70.75/bbl. 

1$: Rs. 69.21

Import Custom Ex. Rate USD/ INR: 70.45

Export Custom Ex. Rate USD/ INR: 68.80