Acetic Acid Weekly Report 7 February 2020
Weekly Price Trend: 03-02-2020 to 07-02-2020
- The above given graph focuses on the Acetic Acid price trend from 3rd Feb to 7th Feb 2020. If we take a quick look at the above given weekly prices, it can be observed that prices decreased in this week.
- By end of the week prices were assessed at the level of Rs.29/Kg, significantly plunged in this week.
Booking Scenario
INDIA& INTERNATIONA
- Domestic prices of Acetic acid were assessed around Rs.29/Kg for Kandla and for Mumbai ports of India.
- CIF India prices for Acetic Acid were assessed around USD 540-560/MT, remained unchanged for this week,
- Prices for Methanol on other side remained decreased for this week. CFR India prices were assessed at the level of USD 210/MT, with plunge in prices for this week.
- Oil prices rose on Friday after Russia said it backs a recommendation for the OPEC and its producer allies to deepen output cuts amid contracting demand for crude as China battles the coronavirus epidemic that has hit global markets.
- A panel advising the Organization of Petroleum Exporting Countries (OPEC) and allies led by Russia, known as the OPEC+ group, suggested provisionally cutting output by 600,000 barrels per day (bpd),
- On back of global epidemic, Oil prices have fallen by more than a fifth in last two weeks.
- Chinese President Xi Jinping declared a "people's war" on the epidemic as China's Hubei province, where Wuhan is located, reported 69 new deaths, taking the total in the country to more than 600.
- The impact of the coronavirus on the oil market remains largely a Chinese demand story with weakening jet fuel demand and economic run cuts, but demand destruction outside of China has been minimal, for now," RBC Capital Markets analysts said in a note.
1$: Rs. 71.46
Import Custom Ex. Rate USD/ INR: 71.65
Export Custom Ex. Rate USD/ INR: 69.95
