C9 Weekly Report 8 April 2017
Weekly Price Trend: 03-04-2017 to 07-04-2017
- The above given graph focuses on the C9 price trend for the current week.
- Domestic prices of C9 decreased for this week. Prices were assessed at the level of Rs.45s/Kg for bulk quantity by closing of market.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices reduced slightly for this week. Prices were assessed at the level of Rs.45/Kg for bulk quantity.
- This week C9 prices reduced again in international market. CIF India prices were assessed at the level of USD 670-690/MTS.
- In the beginning of this week oil prices remained weak but as the days passed prices gained the momentum. On Tuesday prices declined slightly but again as the week preceded prices remained upright. This rise was on back bullish market sentiments. Although oil prices have increased but market players remained vigilant about record-high U.S. crude inventories.
- On Friday U.S. crude futures jumped more in compare to Asia as President Trump ordered the first direct American military action against the regime of Syrian President Bashar al-Assad.
- Presently traders have been watching U.S. gasoline inventories as an indicator of what may happen with crude supplies.
- As per market analysts, the dollar has come under some pressure of late and this pushes up oil as well as the U.S. dollar value for offshore earnings. Traders believe that oil is likely to remain in its recent wide range. OPEC Secretary said that that the oil market is already rebalancing and global oil inventories are starting to come down after three months of output cuts by OPEC and their 11-non-OPEC partners. While rising U.S. crude production has some OPEC members calling for an extension of the cuts through December.
- On Thursday, closing crude values have increased.WTI on NYME closed at $51.70/bbl, prices have increased by $0.55/bbl in compared to last closing prices. While Brent on Inter Continental Exchange increased by $0.53/bbl in compared to last trading and was assessed around $54.89/bbl.
$1 = Rs. 64.28
Import Custom Ex. Rate USD/ INR: 65.90
Export Custom Ex. Rate USD/ INR: 64.20
