Phenol Weekly Report 22 November 2019

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

• The above given graph focuses on the Phenol price trend for the current week.
• If we take a quick look at the above given week, prices remained stable for this week. By end of the week prices were assessed at the level of Rs. 67/Kg for bulk quantity.

Booking Scenario

INDIA & INTERNATIONAL 

• This week domestic phenol market prices were assessed around Rs.67/Kg for bulk quantity. Prices remained stable for this week.
• CFR India prices for this week were assessed in the range of USD 1010-1030/MTS, with no change in values fir this week.
• Benzene the major source for aromatic products also increased for this week. Benzene the major source for aromatic products also increased for this week. FOB Korea values for Benzene were assessed around USD 650/MT for this week, while CFR China prices were assessed at the level of USD 652/MT for this week.
• 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