Acetic Acid Weekly Report 5 June 2020

Weekly Price Trend: 01-06-2020 to 05-06-2020

• The above given graph focuses on the Acetic Acid price trend from 1^st June to 5^th June 2020. If we take a quick look at the above given weekly prices, it can be observed that prices has reduced slightly by end of the 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.25/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.
• There has been heavy fluctuation in the prices for petrochemical product. Trade operations have resumed last week but the manufacturing industries are yet to start their production. Majority of labours migrated to their natives leaving behind empty units and derailed production line.
• There has been continuous rise in fresh cases in India and highest in Maharashtra and Gujarat. People are scared and worried to move out. The economy has now reached its low levels and people have to start living with Covid 19.
• Oil prices relaxed slightly today as market are looking forward to see whether major oil producers are ready to extend record production cuts. But now this meeting has been delayed due to poor compliance by some producers.
• The meeting that will help shape the future of the oil market over the next few months is proving difficult, however, even though it would appear that Saudi Arabia and Russia have reached an agreement in principle to extend the current level of cuts through the end of July.
• On Thursday, closing crude values have increased. WTI on NYME closed at $37.41/bbl. Prices have increased by 0.12/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 0.20/bbl in compare to last closing price and was assessed around $39.99/bbl. 

1$: Rs. 75.58

Import Custom Ex. Rate USD/ INR: 76.45

Export Custom Ex. Rate USD/ INR: 74.75