ACN Weekly Report 13 May 2017

Weekly Price Trend: 08-05-2017 to 12-05-2017

• The above given graph focuses on the ACN price trend from 8th May to 12th May 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.114/Kg, lowered by Rs.2/Kg for bulk quantity.

Booking Scenario

The above chart shows the international prices of ACN. CFR India prices of ACN were assessed in the range of USD 1340-1360/MT.
INDIA& INTERNATIONAL

• Domestic prices of ACN remained volatile for this week. Prices were assessed at the level of Rs 114/Kg for bulk quantity.
• CFR India prices of Acrylonitrile were assessed in the range of USD 1440-1460/MT, with an increase of USD 100/MT in compare to last week’s closing values.
• This week oil prices pushed up with minute plunge. Last week U.S. crude stockpiles posted their biggest drawdown since December as imports dropped sharply, while inventories of refined products also fell, helping boost oil prices that have been weighed down by concerns about oversupply.
• On Wednesday oil prices began looking higher after a string of positive data on oil stocks in the US helped to improve the market mood.
• As per reports, drop in the prices was seen which was beyond expectation and fuel stocks received the initial bullish attention. Adding to the positive tone was the reduction in imports.
• According to report a large part of the excess supply extended which in turn led to the shortage in the storage facilities.
• However, continued rebalancing in the oil market by year-end will require the collective efforts of all oil producers to increase market stability, not only for the benefit of the individual countries, but also for the general prosperity of the world economy, As per report.
• OPEC is due to meet later this month in the hope of striking a second deal to secure a year of production cuts. The twelve member states will be joined by Russia, but US production remains a concern.
• On Thursday, closing crude values have increased.WTI on NYME closed at $47.83/bbl, prices have increased by $0.50/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.55/bbl in compared to last trading and was assessed around $50.77/bbl.

$1 = Rs. 64.30
Import Custom Ex. Rate USD/ INR: 65.10
Export Custom Ex. Rate USD/ INR: 63.40