C9 Weekly Report 05 Aug 2017

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

• The above given graph focuses on the C9 price trend for the current week.
• Domestic prices of C9 increased significantly for this week. Prices were assessed at the level of Rs.47.5/Kg for bulk quantity by closing of market.

Booking Scenario

INDIA& INTERNATIONAL

• Domestic prices increased heavily for this week. Prices were assessed at the level of Rs.47.5/Kg for bulk quantity.
• Similar trends were observed in international prices in compare to last week’s closing values. CIF India prices were assessed at the level of USD 670-690/MTS.
• 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.
• Idemitsu Kosan is planning to shut its cracker for maintenance turnaround. The cracker is likely to go off-stream in the last week of September 2017. The unit will remain under maintenance til October end. Unit is based at Chiba in Japan and has the production capacity of 3,75,000 mt/year.

1$ : Rs. 63.58 
Import Custom Ex. Rate USD/ INR: 64.55
Export Custom Ex. Rate USD/ INR: 62.85