Oil fell 1% due to concerns about Covid-19 in India
Oil prices fell in the past session due to the increase in the number of Covid-19 infections in India and elsewhere, although the price drop was limited by a sharper-than-expected drop in crude inventories in the US.
At the end of this session, Brent oil fell 87 US cents (1.3%) to 68.09 USD / barrel; West Texas American oil (WTI) fell 92 US cents (1.4%) to 64.71 USD / barrel.
Session 5/4, both oil prices reached the highest level since mid-March.
“When Saudi Arabia cuts crude oil prices it is a clear warning that Covid-19 will still be able to influence demand,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.
India claims that the number of Covid-19 infections and deaths every day has risen to new record highs, and the virus has spread from cities to villages across the world’s most populous country. The country hopes this second wave of virus is about to reach its climax. The epidemic in India worries that world oil demand will slow down.
Gold exceeded $ 1,800 / ounce when the yield on bonds and USD decreased
Gold price increased more than 1% in the past session due to the dollar and US treasury bond yields both falling.
At the end of the session, spot gold price increased by 1.6% to 1,814.5 USD / ounce; During the session, the price reached 1,817.9 USD, the highest since February 16. Gold price in June 2021 increased by over 1.8% to 1,815.7 USD / ounce.
This session, the yield on 10-year US treasury bonds fell, while the dollar index also lost 0.4%, making gold more attractive to investors using other currencies. .
Gold price this session increased although data showed that the number of applications for unemployment benefits in the past week of the US fell to a 13-month low.
Despite some recent positive economic data, Federal Reserve policymakers seem to hold the same stance on ultra-liquid monetary policy as it is today – which is supposed to be. pushing up US inflation, thereby pushing gold prices up.
Copper, aluminum and other base metals increased as China-Australia relations worsened
Copper price last session on London floor ended at a rise of 1.4% to 10,085.5 USD / ton, while zinc increased 0.3% to 2,940 USD / ton, nickel stood firm at 17,900 USD / ton and lead. increased 1.7% to 2,212 USD / ton.
Notably, aluminum prices have risen to a record high since 2018, of $ 2,500 / ton, due to positive Chinese economic data and rising tensions between the world’s leading aluminum producer. This is with their main raw material supplier, Australia.
Accordingly, aluminum futures prices delivered after 3 months on London floor increased 2.1% to 2,494.5 USD / ton. On the Shanghai floor, the reference aluminum contract price also increased by 2.7% to 19/385 CNY / ton at the close, after hitting its highest level since January 2010.
Corn, wheat and soybeans continued to increase
US corn prices continue to rise to a new record high in eight years as dry weather threatens to reduce production in Brazil, prompting traders to turn their attention to global supplies. Soybean prices also returned to a record high of 8.5 years last week due to increased demand for vegetable oil. Wheat prices also went up.
Analysts said Brazil’s corn crop loss due to the drought could force importers to turn to buying from the US, which was already struggling with very little stockpiles.
“Brazil is still very dry,” said Brian Hoops, president of US brokerage Midwest Market Solutions, “and” Their crops are dying out. “
US corn export sales in the week ending April 29 only reached 243,500 tons, lower than the forecast of 300,000 to 1.5 million tons after recent price hikes.
At the end of the session, the most-traded corn price – July 2021 – increased 10-1 / 4 cents to 7.18-3 / 4 USD / bushel at the end of the session, after reaching a high. most since March 2013 is 7.22-1 / 2 USD. Corn futures prices in December – representing the supply of maize harvested in the Fall – also increased 20-3 / 4 cents to 6.25-1 / 2 USD / bushel, sometimes reaching 6.28 USD.
Wheat prices also increased by 8-3 / 4 US cents to 7.53-1 / 4 USD / bushel, while soybeans increased 27-1 / 4 US cents to 15.69-1 / 2 / bushel.
Arabica coffee is 4 years highest
Arabica coffee prices last session reached a record high of more than 4 years due to concerns about a drop in Brazilian output, in the context of demand about to recover.
At the end of the last session, the arabica term in July increased by 4.45 US cent, equivalent to 3.0%, to 1,543 USD / lb, the highest since January 2017.
Meanwhile, protests in Colombia also affect coffee exports from this country.
Robusta prices in the last session also increased by 9 USD (0.6%) to 1,547 USD / ton.
The road goes up
Raw sugar futures price in July last session increased 0.02 US cent (0.1%) to 17.55 US cents / lb at the close of trading, after reaching 17.89 US cents at times. Real money of Brazil has increased by 1.5% against USD in the last session.
The sugar market is also focusing on weather developments in Brazil to determine the country’s output level due to a drought raging in the world’s largest sugar producer.
However, in the export market, Brazilian sugar exporters are still fully present, with prices from sugar mills in the country not having much change.
The price of white sugar in this session increased by 2.1 USD (0.5%) to 462.90 USD / ton.
Cotton increased by 3%
US cotton prices rose 3% to the highest level in more than a week due to concerns about declining supplies and weakening USD.
On the floor of New York, July futures rose 2.56 US cents, or 2.93%, to 89.89 cents / lb at 13h08 local time, the highest since April 29.
Rubber to the highest of 6 weeks
Rubber prices in Japan have risen to the highest level in 6 weeks in the first session back after the long holiday, following the general trend of global commodity prices and positive economic data. emanating from some of the world’s largest economies – driving demand for risky assets like commodities.
On the Osaka floor, the term rubber in October increased 5.3% to 257.9 JPY (2.4 USD) / kg at the end of the session. During the session, the price reached the highest level since March 25 at 258 JPY / kg.
On the Shanghai floor, the price of rubber in September increased by 450 CNY to 14,375 CNY (2,220 USD) / ton at the close of the transaction, after reaching the highest level since April 7, at 14,390 CNY / ton. . On the Singapore floor, the price of rubber in May also increased 1.9% to 171.7 US cents / kg.
Record high steel
Steel prices traded in China last session increased to a new record high due to strong demand while raw material prices soared.
On the Shanghai floor at the close of the session, rebar prices rose 4.7% to a new high of 5,672 CNY / ton; HR coil increased 4% and hit a record 5,957 CNY / ton; while stainless steel increased 4.3% compared to the previous session (April 30).
Iron ore prices also increased this session due to deteriorating relations between China and Australia. Australia is the supplier of about two-thirds of China’s imported iron ore demand.
On the Dalian trading floor, the price of iron ore last session increased by 6.8% to 1,184 CNY (182.77 USD) / ton. On the Singapore floor, iron ore term in June also increased by 4.9% to $ 196.1 / ton.
Prices of some key items in the morning of May 7
