Celanese Increases Vinyl Acetate Monomer Prices in Asia
On March 7, 2017, Celanese (CE) announced a price increase for VAM (vinyl acetate monomer) in Asia. The increase is effective immediately.
March 13 2017, Updated 5:05 p.m. ET
Celanese increases VAM prices in Asia
On March 7, 2017, Celanese (CE) announced a price increase for VAM (vinyl acetate monomer) in Asia. The increase is effective immediately. VAMs are typically used as materials for colorants, paints, adhesives, coatings, and pharmaceuticals.
Celanese also increased the prices for VAE (vinyl acetate-ethylene) emulsions in Europe, effective April 1, 2017, or according to the contracts. The impact of these prices could be visible in 2Q17.
Celanese’s stock performance for the week
For the week ended March 10, 2017, Celanese closed at $90.64 and rose 0.70% for the week. The stock was trading 11.4% above its 100-day moving average of $81.40, indicating an upward trend. On a year-to-date basis, Celanese has risen 15.1%.
Celanese’s 14-day RSI (relative strength index) of 62 indicates that the stock is neither overbought nor oversold. An RSI of 70 indicates that a stock is overbought, and a score of 30 suggests that a stock is oversold.
Analysts have given Celanese a 12-month target price of $93.70, implying a potential return of 3.4% from its closing price of $90.64 on March 10, 2017. Celanese outperformed the PowerShares DWA Basic Materials Momentum ETF (PYZ), which fell 4.1% for the week ended March 10, 2017. PYZ invests 3.4% of its holdings in Celanese. The other top holdings of the fund include Cliffs Natural Resources (CLF), NewMarket (NEU), and Albemarle (ALB), with weights of 3.8%, 3.7%, and 3.7%, respectively, as of March 10, 2017.
