Phenol Weekly Report 23 August 2019

Weekly Price Trend: 19-08-2019 to 23-08-2019

• The above given graph focuses on the Phenol price trend for the current week.
• If we take a quick look at the above given weekly price remained stable throughout this week. By end of the week prices were assessed at the level of Rs. 70/Kg for bulk quantity.

Booking Scenario

INDIA & INTERNATIONAL 

• This week domestic phenol market prices were assessed around Rs.70/Kg for bulk quantity. Prices remained stable for this week and were assessed at the level of Rs.70/Kg for bulk quantity.
• CFR India prices for this week were assessed in the range of USD 1020-1040/MTS, with no change in values for this week in compare to last week’s closing values.
• Benzene the major source for aromatic products has also improved for this week. FOB Korea values for Benzene were assessed around USD 670/MT, increased by USD 20/MT for this week, while CFR China prices also improved and were assessed at the level of USD 660/MT for this week.
• Oil prices have been weakening in past few days as worries about the global economy weighed and equity markets were under pressure as uncertainty over the outlook for U.S. interest rate cuts left investors on edge.
• Traders are awaiting a speech from Federal Reserve Chair Jerome Powell on Friday in Jackson Hole, Wyoming, that could indicate whether the U.S. central bank will continue to cut interest rates.
• The market will be shifting focus today to broader based macro headlines with comments out of Jackson Hole likely to be prioritized in this regard.
• On Thursday, closing crude values have decreased. WTI on NYME closed at $55.35/bbl. Prices have decreased by 0.33/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is decreased by 0.38/bbl in compare to last closing price and was assessed around $59.92/bbl. 

$1 = Rs. 71.66

Import Custom Ex. Rate USD/ INR: 71.85

Export Custom Ex. Rate USD/ INR: 70.15