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Morning Briefing - 29 October 2024As of October 29, the Indonesian Rupiah has fallen 3.74% against the dollar since the start of the month. Meanwhile, inflationary pressures have place limits on consumers’ purchasing capacity, reducing their demand for end products. |
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CommoPlast
Morning Briefing
29 October 2024
Brent: $71.42 (- $4.63)
WTI: $67.38 (- $4.40)
Naphtha CFR Japan: - $16
Ethylene CFR NEA: Stable
Ethylene CFR SEA: Stable
Propylene FOB Korea: Stable
Propylene CFR China: Stable
*Data represent closing prices of the previous trading day
Oil slid over $4/barrel as of October 29 as critical energy infrastructure were not affected by Israel’s recent attack on Iran. The WTI registered a loss of $4.40 while Brent plummeted by $4.60.
The latest news, compounded by American output which has risen to historic heights, has created anticipations of an oversupply in the near future.
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A major Indonesian producer of PP and PE has kept local prices unchanged for the fourth consecutive week, despite persistently weak demand. The decision underscores an ongoing battle among local producers to maintain their margins, as a weakening exchange rate has already hiked up the costs of production.
As of October 29, the Indonesian Rupiah has fallen 3.74% against the dollar since the start of the month. Meanwhile, inflationary pressures have place limits on consumers’ purchasing capacity, reducing their demand for end products.
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