Acetic Acid Weekly Report 18 October 2019
Weekly Price Trend: 14-10-2019 to 18-10-2019
- The above given graph focuses on the Acetic Acid price trend from 14th Oct to 18th Oct 2019. If we take a quick look at the above given weekly prices, it can be observed that prices increased initially but later there was decline in prices.
- Prices increased slightly for this week. By end of the week prices were assessed at the level of Rs.37/Kg, later again reduced by Rs.1/Kg in a week.
Booking Scenario
INDIA& INTERNATIONAL
- Domestic prices of Acetic acid were assessed around Rs.37/Kg for Kandla and for Mumbai port of India.
- CIF India prices for Acetic Acid were assessed around USD 490-510/MT, remained unchanged for this week.
- Prices for Methanol reduced slightly for this week. CFR India prices were assessed at the level of USD 220/MT, reduced by USD 7 for this week in compare to last week’s closing values.
- Indian markets are operating on reduced rate as country is festive mood. Next week there will be diwali celebrations across the nation with long extended vacations.
- Oil futures finished higher Thursday, as the U.S. and Turkey reached a cease-fire pact in Syria, temporarily easing Middle East tensions, and a tentative Brexit deal fueled appetite for assets perceived as risky.
- Oil prices had traded mostly lower shortly after the Energy Information Administration on Thursday reported that U.S. crude supplies climbed for a fifth week in a row, by 9.3 million barrels for the week ended Oct.
- “Inventories have built by a whopping 9.3 million barrels, led by the refinery utilization rate dropping to its lowest since hurricane Harvey in September 2017.
- A release of 1.3 million barrel has only rubbed salt into the wounds of the bulls, adding to today’s crude build.
- On Thursday, closing crude values have increased. WTI on NYME closed at $53.93/bbl. Prices have increased by 0.57/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 0.49/bbl in compare to last closing price and was assessed around $59.91/bbl.
1$: Rs. 71.13
Import Custom Ex. Rate USD/ INR: 72.15
Export Custom Ex. Rate USD/ INR: 70.45
