ACN Weekly Report 05 Aug 2017

Weekly Price Trend: 31-07-2017 to 04-08-2017

• The above given graph focuses on the ACN price trend from 31st July to 4th Aug 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.105/Kg, decreased by Rs.4/Kg in compare to last week’s closing values.

Booking Scenario

The above chart shows the international prices of ACN. CFR India prices of ACN were assessed in the range of USD 1390-1410/MT.

INDIA& INTERNATIONAL

• Domestic prices of ACN decreased significantly for this week. Prices were assessed at the level of Rs 105/Kg for bulk quantity.
• CFR India prices of Acrylonitrile were assessed in the range of USD 1390-1410/MT, reduced by USD 50/MT in compare to last week’s closing values.
• This week prices followed mixed trend. On Thursday oil prices plunged as watchful buying dried up after U.S. crude rose to nearly $50 a barrel. On Thursday, WTI on NYME closed at $49.03/bbl, prices have decreased by $0.56/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $0.35/bbl in compared to last trading and was assessed around $52.01/bbl.
• Investors are looking forward for OPEC meeting which is to be held next week for fresh insight into the oil cartel's commitment to improve compliance with the deal to curb production.
• However, market participants downplayed the importance of the meeting to be held next week, suggesting oil prices may struggle to sustain the current rising trend.
• According to reports, there will be reluctance in production cuts or a sustained uptick in demand, prices are likely to remain in the low to mid $50s for the remainder of the year. There are signs that the oil industry has adapted to an era of low prices and can produce and operate at levels that would previously have been uneconomic.

1$ : Rs. 63.58 
Import Custom Ex. Rate USD/ INR: 64.55

Export Custom Ex. Rate USD/ INR: 62.85