Fluctuated Market of Bitumen-23th October 2020

Iran’s weekend on Friday as well as the official holiday on Sunday (25 Oct.) are the reasons to say that practically the market will run from Monday by which it is predicted a new VB price might increase about 15-20$/MT.

On the other hand, last Tuesday (20 Oct.) US Dollar decreased sharply in Iran but again on Wednesday and Thursday it was strengthened and based on the latest reports of Central Bank of Iran (CBI), it is planned to inject an amount of 50~60 million dollars in the market daily to control the currency but demands to buy dollar are not significant (approx. 1-~2 million dollars were purchased only in last 2 days) and right now one USD is approximately fluctuated in a range of 29,000- 30,000 Toman.

In the coming week and since Monday till Thursday, it is difficult to decide to buy/sell any material, and buyers and sellers should await to trace market trends.

It is also worth mentioning that by the increase of freight charges and shortage of containers, it is still recommended to follow the strategy of purchase-sale rather than investing in the future market.

Also, the last debate between the two presidential candidates of the USA will be held on 23 October and based on current surveys, Biden has more chances to win the election. Hence, waiting for the result of this election can be a good choice to see its effects on the financial markets as well as oil prices.

This article was prepared by Razieh Gilani, the account manager of Infinity Galaxy.