- Selling pressure from healthy inventories- Traders beware of currency risks



Market sources say that India's
domestic methanol price negotiations fell to Rupees 27.00-27.01/kg due to
growing selling pressure and healthy inventories. Sources said that a
domestic auction for 500 mts of methanol was concluded on Oct. 12 at Rupees
27,05/kg with 70-75 day credit. A second
auction for 500 mt methanol was held at Rupees 26.70/kg with a 75-day credit
payment. It was to be delivered from Kandla port. Rupees 27.00-27.55/kg were the domestic ex-tank Kandla offer,
slightly lower by Rupees 0.50/kg. As
sentiment drifted lower this week, trade discussions were sparse. However,
traders remained cautious in the face of volatile markets and currency
devaluations. The market is extremely
quiet. "Who will buy more than $305-$320/mt
right now?" A buyer stated that they
were not willing...