Acetone Weekly Report 01 July 2017

Weekly Price Trend: 26-06-2017 to 30-06-2017
 
The above given graph focuses on the Acetone price trend. If we take a quick look at the above given weekly prices, it can be observed that this week prices of Acetone have followed firm trend. By the end of the week prices of Acetone were assessed at the level of Rs.62/kg for Kandla and 62/kg for Mumbai ports of India.

Booking Scenario

• These prices are inclusive of anti dumping duty.

INDIA& INTERNATIONAL

• For the current week in domestic market acetone price have remained firm in compare to previous week and at the end of the week prices were assessed at the level of Rs 62/kg for Kandla and Rs 62/kg Mumbai ports.
• This week in international market, prices of Acetone have increased in compare to previous week.
• This week acetone prices have increased little on account of improvement in demand sentiments from end users.
• Crude oil prices have followed positive inclination as the fall in U.S. production has bolstered markets this week.
• On Thursday, closing crude values have increased.WTI on NYME closed at $44.93/bbl, prices have increased by $0.19bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.11/bbl in compared to last trading and was assessed around $47.42/bbl.
• After the steep drop in oil prices of recent weeks, market players said that especially hedge funds saw nice buying momentum and lower U.S. crude production was the trigger to act.
• U.S. crude output dropped 100,000 barrels per day (bpd) to 9.3 million bpd last week, the steepest weekly fall since July 2016.
• As per market players recently market is cyclically bullish within a structurally bearish framework, noting that global inventories were drawing, demand is high, OPEC could still make deeper cuts and U.S. producers could be discouraged by rising costs.
• China's Sinopec Yanshan Petrochemical shuts its phenol/acetone unit for maintenance.
• Benzene inventories in eastern China continue to increase.
• Benzene inventories along eastern China rise to 82,000 tonnes.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 720/mt and USD750/mt respectively.

 $1 = Rs. 64.58
 Import Custom Ex. Rate USD/ INR: 65.15
 Export Custom Ex. Rate USD/ INR: 63.50