Mixed Sentiments
Commodity market participants were in hard situations for making a decision. Yet, they decided to make new purchases to fulfil their commitments and projects on time. Construction projects and export markets of bitumen are getting more active gradually.
Most bitumen markets were volatile during last week along with crude oil. Bahrain’s bitumen price dropped by $ 20 and India increase its price by $ 9. The Situation in Singapore was almost steady. The price ups and downs almost covered each other and the price stayed still.
In the Middle East, the new steel drum is currently volatile in the range of $ 380- $ 385. The Bulk bitumen is also in the range of $ 310 – $ 320. Traders believe that the price can get lower in the Middle East. But it is worth remembering that not all sentiments happen as expected or at the time of expectation. Clients who have urgent commitments or projects prefer to make their purchases to get them on time.
Moreover, the economic condition and global situation are very uncertain. No one can tell where the world is going for sure.
Crude oil is on its downtrend and the price is volatile at $ 90. As the dollar continues getting stronger, oil and commodities can see lower prices.
