ACN Weekly Report 01 July 2017
Weekly Price Trend: 26-06-2017 to 30-06-2017
- The above given graph focuses on the ACN price trend from 26th June to 30th June 2017. In compare to last week’s closing values there has been slight change in domestic values.
- Domestic prices were assessed at the level of Rs.113/Kg, increased slightly for this week.
Booking Scenario
The above chart shows the international prices of ACN. CFR India prices of ACN were assessed in the range of USD 1490-1510/MT.
INDIA& INTERNATIONAL
- Domestic prices of ACN reduced remained unchanged for this week. Prices were assessed at the level of Rs 113/Kg for bulk quantity.
- CFR India prices of Acrylonitrile were assessed in the range of USD 1490-1510/MT, with no change in compare to last week’s closing values.
- 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.
- OPEC delegates have indicated they will not rush to implement further cuts to crude output. However, pressure from investors amid a relentless global supply overhang could prompt the group to consider further steps to support the market at its upcoming meeting in Russia next month
$1 = Rs. 64.58
Import Custom Ex. Rate USD/ INR: 65.15
Export Custom Ex. Rate USD/ INR: 63.50
