Butyl Acetate Weekly Report 18 June 2018

Weekly Price Trend: 13-08-2018 to 17-08-2018

• The above graph focuses on the weekly price trend of Butyl Acetate for the current week.
• Compares to previous week Butyl Acetate prices remained firm for this week.
• Butyl Acetate prices were assessed at the level of Rs.95/Kg for Mumbai and Rs.96/Kg for Kandla ports of India.

Booking Scenario

The above chart shows the international prices of Butyl Acetate and its comparison from the previous prices. These booking prices for CIF India are for 0% duty.

INDIA & INTERNATIONAL

• Butyl Acetate prices remained vulnerable in the domestic market. Prices were assessed at the level of Rs.96/Kg for Mumbai and for Rs.95/Kg Kandla port for bulk quantity.
• On other side there is also increase in the international prices. CIF India prices were assessed in the range of USD 1420-1440, with an increase of USD 40/MTS in compare to last week’s closing values.
• The other major reason for increase in international as well as domestic market is that there has been significant decline in Indian currency on Monday. The rupee crossed the mark of Rs.70 against US currency. The ongoing low in global currencies following fears that Turkish economic crisis could engulf world economy. Experts believe that rupee was mainly impacted by a fall in Turkish Lira. Further the RBI intervention helped to recover from heavy losses and pushed the rupee to close at all time low level of 69.91. All the payments in petrochemical industry are done in dollar so this will have an adverse impact on prices of petrochemical products.
• This week crude oil prices have followed volatile trend. On Friday Crude prices edged higher, but were heading for yet another weekly decline on worries that oversupply would weigh on the U.S. market and that trade disputes and slowing global economic growth would slow demand for oil.
• On Friday, closing crude values have increased. WTI on NYME closed at $65.91/bbl. Prices have increased by $0.45/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.40/bbl in compare to last closing price and was assessed around $71.43/bbl.
• As per analysts, despite the bearish factors, prices were prevented from falling further because of U.S. sanctions against Iran, which target the financial sector from August and will include petroleum exports from November.

$1 = Rs. 70.15
Import Custom Ex. Rate USD/ INR: 71.10                       
Export Custom Ex. Rate USD/ INR: 69.40