Acetone Weekly Report 13 Oct 2018

Weekly Price Trend: 08-10-2018 to 12-10-2018

 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 increased. By the end of the week prices of Acetone were assessed at the level of Rs.53/kg for Kandla and 53/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 increased and at the end of the week prices were assessed at the level of Rs 53/kg for Kandla and Rs 53/kg Mumbai ports.
• This week in international market, prices of Acetone have remained firm in compare to previous week.
• Last week there was strong rally for crude prices and was expected to cross the mark of USD 100/bbl very soon. But this week scenario was totally different. Brent crossed the mark of $86 on Tuesday , lowered in last two days on back of investors sell off in the trading.
• The main story driving the oil market remains the loss of Iranian crude exports ahead of the full renewal of U.S. sanctions on Nov. 4. That deadline is still frightening large over the market and could help push oil prices back up.
• All the major nations unanimously agree that with Iran sanctions, a large chunk of oil will be removed from the market. How strong its impact is beyond everybody’s imaginations.
• Emerging markets like India are really struggling with higher oil prices coupled with continuous currency depreciation.
• Indian Rupee has depreciated more than by 15% year-to-date. Higher crude oil prices, demand from defence and oil marketing firms have contributed to the latest bout of weakness. Rupee was overvalued on trade weighted real effective exchange rate.
• On Thursday, closing crude values have decreased. WTI on NYME closed at $70.97/bbl. Prices have decreased by $2.20/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $2.83/bbl in compare to last closing price and was assessed around $80.26/bbl.
• This week Asian benzene prices up on firm crude, ample supply to cap further gains.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 835/mt and USD 848/mt respectively.

 $1 = Rs. 73.54
 Import Custom Ex. Rate USD/ INR: 74.60
 Export Custom Ex. Rate USD/ INR: 72.90