Oil rose slightly
Closing session on June 29, Brent oil gained 8 US cents or 0.1% to $74.76/barrel, WTI crude oil gained 7 US cents or 0.1% to $73.19/barrel.
OPEC Secretary General Mohammad Barkindo said oil demand in 2021 is expected to grow by 6 million bpd, with 5 million bpd coming in the second half of the year. The organization is expected to gradually increase production to meet demand.
OPEC’s demand forecast shows that global oil supply in the fourth quarter will be 2.2 million barrels below demand, allowing some producers to agree to increase output.
The market hopes the rollout of the vaccination program will brighten the demand outlook even as the global Covid-19 pandemic remains unpredictable, analysts said.
Spain and Portugal, favorite European summer destinations, have imposed new restrictions on unvaccinated people from the UK, while Australians also face stricter restrictions due to the spread of the virus. outbreak of the virus across the country.
Gold falls to 11-week low
Gold prices fell to their lowest levels since mid-April on a strong dollar ahead of the US jobs report this week.
Spot gold fell 0.93% to $1,761.66 an ounce, after touching $1,749.2 an ounce, its lowest since April 15. US gold for August futures closed down 1% at $1,763.6 an ounce.
With the dollar strengthening, some investors seem to be anticipating better-than-expected jobs data, said market strategist at RJO Futures. According to a Reuters poll, the non-farm sector is expected to add 690,000 jobs this month from 559,000 in May.
There are growing signs that the US will raise interest rates sooner than expected, creating pressure on gold, potentially bringing gold prices down to $1,730 an ounce. The USD index rose 0.2%, making gold more expensive for buyers in other currencies.
Copper fell for a fourth session, aluminum rose
Copper prices fell as the number of corona virus infections was increasing, casting doubt on the rapid recovery of economies, while the metal’s supply was abundant.
Three-month copper on the London Metal Exchange fell 0.3 percent to $9,352 a tonne after falling to a low of $9,236 a tonne. This is the metal’s fourth consecutive decline.
The Communist Party of China will celebrate its 100th anniversary this week and may announce measures to boost domestic demand and consumption.
A stronger dollar pulled copper prices down 13% from a record high of $10,747.5 a tonne in May. LME copper stocks fell 1,350 tons to 197,025 tons but are still up 160% this year.
Meanwhile aluminum prices rose on concerns about supply in Russia and declining inventories. Russia is preparing new export tariffs on steel, nickel, aluminum and copper products.
Aluminum for three-month delivery in London rose 1.9% to $2,537 a tonne while lead rose 3% to $2,299 a tonne.
Dalian iron ore lost 4 consecutive sessions of gains
Iron ore prices fell as steel demand in China fell due to unfavorable weather and the Chinese government planned to intervene in the market to cool down prices.
Iron ore for September term on the Dalian Commodity Exchange, China closed down 2.7% at 1,153 CNY ($178.57)/ton after four consecutive gains.
The July iron ore contract in Singapore fell 2.3% to $207.75 a tonne.
According to consulting company Mysteel, the spot price of construction steel materials continued to decrease on June 28.
The volume of construction steel traded on June 28, including bars and coils of 237 Chinese traders surveyed by Mysteel, fell 17,608 tons to 193,481 tons due to hot and humid weather.
Spot iron ore prices with 62% Fe content are still above $200/ton, but are down 5.2% from a record high of $232.5/ton reached on May 12. The most liquid Dalian iron ore contract fell 15.1% during the same period, after Chinese market watchdogs reiterated warnings against hoarding and market speculation.
Bar steel in Shanghai fell 0.5% while hot rolled coil increased 0.1%. Stainless steel fell 0.8%.
Japanese rubber fell
Japanese rubber prices lost 2% on growing concerns of weaker demand as some countries reopened lockdowns to curb the spread of highly infectious Delta variant.
The December rubber contract on the Osaka exchange closed down 5.3 JPY or 2.2% at 232 JPY (2.1 USD)/kg.
Rubber for September term in Shanghai fell 275 CNY to 12,845 CNY (US$1,989)/ton.
Rubber for July term at SICOM Singapore fell 0.9% to 164 US cents/kg.
Reduced coffee
September arabica coffee futures closed down 2.5 US cents, or 1.5%, at $1,6020/lb. Prices hit their highest levels since early June at $1.64/lb.
Markets will remain volatile as a powerful cold front moves through parts of southern and southeastern Brazil this week, with temperatures forecast to drop for Wednesday and Thursday, and the risk of frost in some parts of the country. low number of regions.
There are reports of frost in the state of Parana, the southernmost coffee growing region of Brazil. Although the state accounts for less than 5% of total arabica production, frost can have an exponential impact on prices as it can completely kill the coffee plant.
However, the main cause of pressure on coffee prices is the slump in financial markets, as people fear a new Covid-19 variant.
September robusta coffee futures fell $36, or 2.1%, to $1,675 a tonne.
Vietnam’s robusta coffee exports in the first half of the year fell 12.3% year-on-year to 825,000 tons.
Reduced white sugar
Raw sugar for July futures closed flat at 17.23 US cents/lb.
Mills in Brazil are gradually starting to reduce the volume of cane to produce sugar.
White sugar for August futures fell $0.9, or 0.2%, to $432.4 a tonne.
Stable soybeans
Soybean prices on the Chicago Mercantile Exchange closed flat before the US Department of Agriculture (USDA) releases crop and grain stockpiles data on June 30.
CBOT November soybean futures closed steady at 13.12-1/2 USD/bushel.
Analysts expect the USDA to increase its estimate of soybean acreage 1.5% from March to 88,955 million acres, according to a Reuters poll, adding they also forecast U.S. soybean inventories as of January 1. 6 was 787 million bushels down from 1.381 billion bushels a year ago.
Prices of some key items on the morning of June 30:
