ACN Weekly Report 27 May 2017

Weekly Price Trend: 22-05-2017 to 26-05-2017

• The above given graph focuses on the ACN price trend from 22nd May to 26th May 2017. In compare to last week’s closing values there has been slight change in domestic values.
• Domestic prices were assessed at the level of Rs.113/Kg, reduced byRs.1/Kg in compare to last week’s closing values.

Booking Scenario

The above chart shows the international prices of ACN. CFR India prices of ACN were assessed in the range of USD 1490-1510/MT.

INDIA& INTERNATIONAL

• Domestic prices of CAN reduced slightly for this week. Prices were assessed at the level of Rs 113/Kg for bulk quantity.
• CFR India prices of Acrylonitrile were assessed in the range of USD 1490-1510/MT, reduced by USD 50/MTS in compare to last week’s closing values.
• This week oil prices remained highly volatile. On Thursday, Crude oil prices plunged more than 5 percent below $49 per barrel, its biggest daily drop in last 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.

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