Toluene Weekly Report 22 November 2019

Weekly Price Trend: 18-11-2019 to 22-11-2019

• The above given graph focuses on the Toluene price trend for current week. There has been slowdown in prices for this week.
• This week prices remained weak and have been on declining mode throughout this week. By end of the week prices were assessed at the level of Rs.55/Kg for bulk quantity for Kandla and for Mumbai ports of India.

Booking Scenario

INDIA & INTERNATIONAL 

• This week domestic market price was assessed at Rs.55/kg for bulk quantity with a decrease of Rs.1/Kg for this week.
• CFR India prices were evaluated at USD 695/MT, with no change in international prices for this week.
• CFR China price of toluene were assessed at the level of USD 675/MT, remained unchanged for this week.CFR SEA prices for this week were assessed around USD 705/MT.
• Benzene the major source for aromatic products also increased for this week. FOB Korea values for Benzene were assessed around USD 650/MT for this week, while CFR China prices were assessed at the level of USD 652/MT for this week.
• On Thursday, closing crude values have increased. WTI on NYME closed at $58.58/bbl. Prices have increased by 1.57/bbl in compared to last closing prices. While Brent on Inter Continental Exchange is increased by 1.57/bbl in compare to last closing price and was assessed around $63.97/bbl.
• There has been decline in oil prices as US-China trade doubts dominates in the sub continent. Oil prices have been tumbling from their highest level in last two months as uncertainty continues to cloak a potential US-China trade deal.
• The key factor for the demand outlook for oil is the (U.S.-China) trade negotiation currently going on,” said Michael McCarthy, chief market strategist at CMC Markets.
• It was also buoyed by comments from China’s commerce ministry on Thursday that it will strive to reach an initial agreement with the United States to end the pair’s long-running trade war, allaying fears that talks might be unravelling.
• News that last week saw the biggest draw down in three months for U.S. crude stock stockpiles at Cushing, Oklahoma also underpinned prices earlier this week.  

$ 1 = Rs. 71.71

Import Custom Ex. Rate USD/ INR: 72.00                                            

Export Custom Ex. Rate USD/ INR: 70.30