MEK Weekly Report 05 Aug 2017

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

• The above graph shows the weekly price trend of MEK for the current week.
• As per the above graph, this week MEK prices have plunged in compare to previous week and at the end of the week MEK prices were assessed at the level of Rs. 88/Kg for Kandla port.

Booking Scenario

INDIA & INTERNATIONAL

• For the current week, domestic prices of MEK have plunged in compare to previous week and were assessed at the level of Rs 88/kg.
• This week in international market, prices of MEK also have plunged in compare to previous week.
• Presently MEK market is moving with soft-to firm velocity no major deals and discussion has been heard.
• This week prices have remained volatile. 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 looked ahead to an OPEC meeting next week for fresh insight into the oil cartel's commitment to improve compliance with the deal to curb production.
• However, Market participant downplayed the importance of the meeting next week, suggesting oil prices may struggle to sustained upward momentum.

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