Oil increased to nearly 67 USD
Oil prices continued to rise in the past session after many US states loosened blockades and the European Union attempted to attract tourists, although a surge in the number of Covid-19 infections in India hindered the momentum. up of oil prices.
At the close of the session, the price of Brent oil was 68.88 USD / barrel, up 1.32 USD (1.95%); During the session, the price increased by 1.8 USD to 69.36 USD / barrel.
West Texas America Oil (WTI) rose 1.2 USD (1.86%) to 65.69 USD / barrel; During the session, the price increased by 1.65 USD (2.56%) to 66.14 USD / barrel.
Oil prices are being positively supported by the prospect of rising fuel demand as New York, New Jersey and Connecticut reopen and the EU plans to open up to foreign tourists, analysts said. have been vaccinated.
A stronger decline in US crude inventories than expected reinforces the belief that oil demand is recovering rapidly.
Data from the American Petroleum Institute (API) announced that crude oil inventories of the country in the week ending April 30 fell 7.7 million barrels; Gasoline stocks fell 5.3 million barrels and distillate stocks fell 3.5 million barrels.
However, the Covid-19 epidemic in India is hindering oil prices. The total number of Covid-19 infections in India has exceeded 20 million with 300,000 new infections. As the world’s third largest fuel importer, the rising epidemic in India could impact fuel demand not only in the world’s second most populous country but also globally.
Gold and silver decreased, especially palladium increased
Gold price decreased recently due to the increase in government bond yields. Accordingly, spot gold decreased 0.9% to 1,776.73 USD / ounce, while gold futures in June 2021 decreased 0.9% to 1,776 USD / ounce.
Tai Wong, head of metal derivatives trading at BMO, said: “In the past two weeks, gold prices have turned down four times after nearly reaching $ 1,800 per ounce. Yellen’s treatise on the dovish policy of American financial policymakers “.
USD strengthened last session also reduced the attractiveness of gold.
Standard Chartered Bank said: “We continue to see gold prices will average at $ 1,775 / ounce in the second quarter of 2021 as the physical gold market and cash flow into ETPs are slowing.
Also in the last session, silver prices fell 1.8% to 26.40 USD / ounce, after hitting the lowest level since February 26; platinum also fell 0.2% to $ 1,227.73. Palladium alone continued to increase sharply to a record high due to concerns about a shortage of supply for the metal used in the automobile emission control equipment.
Accordingly, spot palladium increased by 0.2% to $ 2,976.9 / ounce at the close of the session, at times the price reached an all-time high, at $ 3,017.18 / ounce.
Copper continues to increase close to 10,000 USD / ton
Copper prices rebounded to nearly $ 10,000 / ton due to prospects of strong demand while inventories decline.
Ending the session last night on the London floor, the price of copper futures for 3 months increased 1.1% to 9,941 USD / ton. The previous session, on April 29, the copper price reached 10,008 USD / ton, the highest since February 2011.
The amount of copper in the London stock exchange fell 6,325 tons to a 5-week low of 137,000 tons, down 20% compared to mid-April. The amount of copper in the Shanghai stock exchange also decreased by 1.3% in the past week.
Corn reached $ 7 for the first time since 2013, soybeans and wheat also rose
The US corn price last session reached 7 USD / bushel due to dry weather in Brazil causing tight global supply.
Rising corn prices have also not constrained strong demand for maize for livestock and ethanol production, US analysts say, suggesting a further price hike is likely.
July corn term on the Chicago floor ended the last session up 17-1 / 4 US cents to 6.96-3 / 4 USD / bushel; During the session, it reached $ 7.04, the highest level since March 2013.
The increase in corn prices pulled soybean and wheat prices up.
Specifically, the price of wheat increased sharply 8-3 / 4 US cents to 7.26-3 / 4 USD / bushel, while soybeans increased 14-1 / 4 US cents to 15.38-1 / 4 USD / bushel. .
Sugar increased sharply
Raw sugar price increased by more than 2% due to continued buying of funds. Accordingly, the price of raw sugar in July increased by 0.39 US cent (2.3%) to 17.12 US cent / lb.
Investors continue to buy strongly amid concerns about sugar production in Central South Brazil due to dry weather in recent months affecting the growth of sugarcane.
The price of white sugar in this session also increased by 1.4 USD, or 0.3% to 449.80 USD / ton (for the term of August delivery).
Coffee rose
Arabica coffee futures price in July last session increased 0.1 US cent (0.1%) to 1.4035 USD / lb. Last week, the contract rose to $ 1.4765, the highest level since February 2017.
Dry weather in Brazil is also the main reason pushing up arabica coffee prices.
Meanwhile, the price of robusta coffee delivered in July also increased by 18 USD, equivalent to 1.2%, to 1,474 USD / ton.
Prices of some key items in the morning of 5/5
