Acetic Acid Weekly Report 6 December 2019
Weekly Price Trend: 02-12-2019 to 06-12-2019
- The above given graph focuses on the Acetic Acid price trend from 2nd Dec to 6th Dec 2019. If we take a quick look at the above given weekly prices, it can be observed that prices has been on increasing trend for this week.
- By end of the week prices were assessed at the level of Rs.32/Kg, slightly improved in this week.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid were assessed around Rs.32/Kg for Kandla and for Mumbai port of India.
- CIF India prices for Acetic Acid were assessed around USD 490-510/MT, with an increase of USD 30/MT for this week.
- Prices for Methanol on other side remained stable with slight decline in values. CFR India prices were assessed at the level of USD 197/MT, increased by USD 3/MT for this week.
- Benzene the major source for aromatic products also increased for this week. FOB Korea values for Benzene were assessed around USD 700/MT for this week, increased by USD 50/MT for this week, while CFR China prices were assessed at the level of USD 695/MT for this week.
- There has been decline in crude today on contrary as its was anticipate to see a surge in prices after OPEC deciding to cut its production.
- The fall in crude oil futures was mostly due to trimming of positions by traders, in line with weak global cues
- The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia agreed to more output cuts to avert oversupply early next year as economic growth stagnates amid the U.S.-China trade war.
- As per this agreement, it will cut an extra 500,000 barrels per day (bpd) of production, through tighter compliance and some adjustments. The group has been withholding 1.2 million bpd and the increased amount represents about 1.7% of global oil output.
- On Thursday, closing crude values have increased. WTI on NYME closed at $58.43/bbl. Prices have remained firm. While Brent on Inter Continental Exchange is increased by2.18/bbl in compare to last closing price and was assessed around $63.00/bbl.
1$: Rs. 71.32
Import Custom Ex. Rate USD/ INR: 72.40
Export Custom Ex. Rate USD/ INR: 70.70
