ACN Weekly Report 3 June 2017

Weekly Price Trend: 29-05-2017 to 02-06-2017

• The above given graph focuses on the ACN price trend from 29th May to 2nd 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, remained unchanged for this week  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 1490-1510/MT.
INDIA& INTERNATIONAL

• Domestic prices of ACN 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 1540-1560/MT, increased by USD 50/MTS in compare to last week’s closing values.
• This week oil prices remained highly volatile. With a firm decision taken last week by OPEC, Russia and other producers to extend their agreement to curb output by 1.8 million barrels a day for another nine months, in order to rebalance the oil market, the bearish tone in the oil sector resurfaced.
• According to reports, U.S. oil supplies dropped by 6.4 million barrels last week, a positive for the market and a much bigger decline than expected. 
• On Thursday U.S. crude up slightly after a larger-than-expected domestic inventory drawdown.
• Closing crude values on Thursdayincreased.WTI on NYME closed at $48.36/bbl, prices have increased by $0.04/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.02/bbl in compared to last trading and was assessed around $50.33/bbl.
• As per market report, U.S. production increased, and the expectation is that ongoing activity in U.S. shale will continue to boost output, offsetting OPEC efforts.

$1 = Rs. 67.63
Import Custom Ex. Rate USD/ INR: 65.35
Export Custom Ex. Rate USD/ INR: 63.70