C9 Weekly Report 27 May 2017

Weekly Price Trend: 22-05-2017 to 26-05-2017

• The above given graph focuses on the C9 price trend for the current week.
• Domestic prices of C9 remained unchanged for this week. Prices were assessed at the level of Rs.44/Kg for bulk quantity by closing of market.

Booking Scenario

INDIA& INTERNATIONAL

• Domestic prices increased for this week. Prices were assessed at the level of Rs.44/Kg for bulk quantity.
• There has been no change in international prices in compare to last week’s closing values. CIF India prices were assessed at the level of USD 650-670/MTS, with no change in prices for this week.
• This week oil prices remained highly volatile. On Thursday, Crude oil prices plunged more than 5 percent below $49 per barrel, its biggest daily drop in last three weeks as OPEC members agreed to extend oil output cuts for nine months, crude oil traders pushed prices down by more than 4%.
• As per report, OPEC and some non-OPEC members agreed to extend oil supply cuts of 1.8 million barrels per day for a further nine months in a bid to stop waving prices. However, the move disappointed some who had hoped for longer or deeper cuts.
• As per market analyst, an initial six months of output reductions failed to shrink brimming crude stockpiles around the world. OPEC members need to curtail exports and take action to limit surging U.S. production to succeed this time.

• On Thursday, closing crude values have decreased.WTI on NYME closed at $48.90/bbl, prices have decreased by $2.46/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $2.50/bbl in compared to last trading and was assessed around $51.46/bbl. 

$1 = Rs. 64.44
Import Custom Ex. Rate USD/ INR: 65.30
Export Custom Ex. Rate USD/ INR: 63.60