#sharpdecline

Octanol prices witnessed a sharp correction this week, reversing part of the strong gains seen earlier this month. Indian Octanol prices declined by Rs 25/kg to settle at Rs 160/kg, reflecting increased volatility and active market adjustments. The drop comes after prices touched highs of Rs 190/kg, indicating rapid movement within a short span.

Over the past fortnight, the total fall stands at Rs 30/kg, while the broader trend still shows strength. Indian Octanol prices have risen substantially from Rs 96.50/kg recorded three months ago, highlighting a strong upward trajectory despite the recent pullback. Market participants continue to monitor fluctuations closely as prices move near the lower end of the recent range.

Octanol prices in India remain sensitive to short-term shifts, with Rs 165/kg acting as resistance and Rs 160/kg emerging as a key support level. Any sustained movement below current levels could change sentiment, while stability above may help consolidate gains. The overall trend remains dynamic with elevated price levels compared to earlier periods, Octanol, Octanol Prices, Weekly Correction, Sharp Decline, Chemical Market, Market Adjustment.

Read the full verified update on IndianPetrochem.com.

Acrylonitrile prices dropped sharply this week by Rs 50/kg, settling at Rs 240.00/kg after holding steady in the previous fortnight. The sudden decline signals a shift in short-term market dynamics, with Indian Acrylonitrile prices reflecting increased volatility.

While the weekly movement shows weakness, the monthly trend remains strong, with prices up by Rs 60.00/kg from Rs 180.00/kg. Over three months, the product has surged by Rs 140.00/kg, and the six-month rise stands at Rs 142.00/kg. This highlights a broader upward trend despite recent corrections. Indian Acrylonitrile prices continue to operate within a wide range of Rs 97.00/kg to Rs 290.00/kg, reflecting significant price swings. Acrylonitrile prices in India remain sensitive to market activity and trading sentiment, Acrylonitrile, Acrylonitrile Prices, Weekly Correction, Sharp Decline, Chemical Market, Price Adjustment.

Support is currently observed at Rs 240.00/kg, while resistance stands at Rs 290.00/kg. These levels are being closely tracked for potential buying or selling opportunities.

Read the full verified update on IndianPetrochem.com.

The sharp decline in the value of the ruble is another costly and painful consequence for Russia of its futile invasion of Ukraine. 🇺🇦💙💛🇺🇦

#Repost @kyivindependent_official with @use.repost . . . Russia's Central Bank hiked its key interest rate by 350 basis points to 12% on Aug. 15 in an attempt to halt the sharp decline of the ruble.

The decision came after an emergency meeting called when the ruble briefly broke through 100 to the U.S. dollar on Aug. 14 for the first time since March 2022.

The currency exchange rate has since then slightly dropped below the 100 threshold only to steadily rise to 99.08 by 4:02 p.m. Moscow time. Bloomberg commented that the move failed to prop the currency up as it remains among the three worst performers in developing economies this year.

Despite a summer bump in oil revenues, the Russian economy continues to be battered by Western sanctions and the costs of waging war in Ukraine. More countries have divested from Russian oil and gas, slashing Russia's export income to half its prewar levels.

Moreover, Russia has doubled its 2023 military spending to over $100 billion, or a third of the state budget.

Maxim Oreshkin, economic adviser to Russian dictator Vladimir Putin, blamed the ruble's fall on Moscow's central bank.

Photo: Getty Images