Methanol Weekly Report 22 November 2019

 Weekly Price Trend: 18-11-2019 to 22-11--2019

• The above graph focuses on the Methanol price trend for the current week. Prices remained vulnerable throughout this week. Domestic prices were assessed at the level of Rs.16.75/Kg for bulk quantity by end of the week.
• By the end of the week prices were assessed around Rs 16.75/Kg for Kandla and Mumbai ports, slightly reduced by Rs.0.25/kg for this week.

Booking Scenario 

INDIA&INTERNATIONAL

• This week domestic market prices of Methanol have reduced very slightly with changes in the domestic market demand. There has been weakening in the demand sentiments in Indian market. Prices in the domestic market reduced slightly for this week and were assessed at the level of Rs.16.75/Kg for bulk quantity.
• CFR India prices were assessed around USD 195/MTS, reduced by USD 7/MT for this week.
• CFR China prices were assessed around USD 202-222/MT reduced by USD 5/MT in values for this week.
• With ongoing winter season in Iran and other major methanol manufacturing nations there will be shortage in the supply of the Methanol as majority of units prefer to undergo maintenance in this duration due to shortage in the supply of natural gas. As it  is more used for domestic purpose in this season.
• On Thursday, closing crude values have increased. WTI on NYME closed at $58.58/bbl. Prices have increased by 1.57/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 1.57/bbl in compare to last closing price and was assessed around $63.97/bbl.
• There has been decline in oil prices as US-China trade doubts dominates in the sub continent. Oil prices have been tumbling from their highest level in last two months as uncertainty continues to cloak a potential US-China trade deal.
• The key factor for the demand outlook for oil is the (U.S.-China) trade negotiation currently going on,” said Michael McCarthy, chief market strategist at CMC Markets.
• It was also buoyed by comments from China’s commerce ministry on Thursday that it will strive to reach an initial agreement with the United States to end the pair’s long-running trade war, allaying fears that talks might be unravelling.
• News that last week saw the biggest draw down in three months for U.S. crude stock stockpiles at Cushing, Oklahoma also underpinned prices earlier this week.   

$1 = Rs. 71.71

Import Custom Ex. Rate USD/ INR: 72.00

Export Custom Ex. Rate USD/ INR: 70.30