Acetone Weekly Report 27 May 2017

Weekly Price Trend: 22-05-2017 to 26-05-2017
   The above given graph focuses on the Acetone price trend. If we take a quick look at the above given weekly prices, it can be observed that this week prices of Acetone have remained volatile. By the end of the week prices of Acetone were assessed at the level of Rs.60/kg for Kandla and 59/kg for Mumbai ports of India.

Booking Scenario

• These prices are inclusive of anti dumping duty.

INDIA& INTERNATIONAL

• For the current week in domestic market acetone price have remained volatile in compare to previous week and at the end of the week prices were assessed at the level of Rs 60/kg for Kandla and Rs 59/kg Mumbai ports.
• This week in international market, prices of Acetone have plunged in compare to previous week.
• Recently Acetone market is moving with soft-to-weak velocity no major deals has been heard.
• China April acetone imports down 44% on month on lower demand.
• In May month acetone demand from end users remained weak on account of this prices plunged.
• This week oil prices have followed volatile trend. On Thursday, Crude oil prices plunged more than 5 percent below $49 per barrel for its biggest daily drop in three weeks as OPEC members agreed to extend oil output cuts for nine months, crude oil traders pushed prices down by more than 4%.
• As per report, OPEC and some non-OPEC members agreed to extend oil supply cuts of 1.8 million barrels per day for a further nine months in a bid to stop waving prices. However, the move disappointed some who had hoped for longer or deeper cuts.
• As per market analyst, an initial six months of output reductions failed to shrink brimming crude stockpiles around the world. OPEC members need to curtail exports and take action to limit surging U.S. production to succeed this time.
• On Thursday, closing crude values have decreased.WTI on NYME closed at $48.90/bbl, prices have decreased by $2.46/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $2.50/bbl in compared to last trading and was assessed around $51.46/bbl.
• This week upstream benzene prices have increased.
• FOB Korea and CFR China prices of Benzene were evaluated at USD 765/mt and USD780/mt respectively.

 $1 = Rs. 64.44
 Import Custom Ex. Rate USD/ INR: 65.30
 Export Custom Ex. Rate USD/ INR: 63.60