Acetic Acid Weekly Report 5 July 2019

Weekly Price Trend: 01-07-2019 to 05-07-2019

• The above given graph focuses on the Acetic Acid price trend from 1^st July to 5^th July 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 soft-to-stable throughout this week. By end of this week, prices were assessed at the level of Rs.30/Kg for Kandla and for Mumbai port for bulk quantity. Prices slightly increased and then re-corrected to its base value for this week.

Booking Scenario

INDIA& INTERNATIONAL 

• Domestic prices of Acetic acid were assessed around Rs.30/Kg for Kandla and for Mumbai port of India. There has been slightly slowdown in values in domestic values on back of weakening in demand from domestic market.
• CIF India prices for Acetic Acid were assessed around USD 350-370 with no change in compare to last week’s closing values.
• Prices for Methanol have also reduced significantly for this week. CFR India prices were assessed at the level of USD 13/MT and were assessed at the level of USD 249/MT.
• Market will react more aggressively in India as today first budget has been declared by the new government. The implication of budget on petrochemical segment will be visible on Monday.
• Crude oil prices fell on Friday on weak economic indicators from the United States and Germany, shrugging off tensions around Iran and this week's decision by OPEC and its allies to extend a supply cut deal until next year.
• Oil prices eased lower on Friday morning as concerns over global economic growth offset escalating geopolitical tensions in the Middle East
• Weak industrial demand gave a bearish signal for oil demand. Global growth remains the main factor holding back crude prices," said Alfonso Esparza, senior analyst at OANDA. The OPEC+ deal will keep prices from falling too hard, but there must be an end to trade protectionism to assure the demand for energy products recovers.
• On Thursday day, closing crude values have remained same. WTI on NYME closed at $57.34/bbl. Prices have remained same in compared to last closing prices. While Brent on Inter Continental Exchange have remained same in compare to last closing price and was assessed around $63.82/bbl. 

1$: Rs. 68.42

Import Custom Ex. Rate USD/ INR: 69.75

Export Custom Ex. Rate USD/ INR: 68.05