Oil relief
Oil prices fell slightly as the number of Covid-19 infections increased, raising concerns about falling oil demand.
Ending the session, Brent oil price dropped 2 US cents to 78.48 USD/barrel; West Texas Intermediate (WTI) oil fell 26 US cents, or 0.4%, to $76.65 a barrel. This is the first session that oil prices have fallen in the past 6 sessions.
“The concern right now is that the Delta variant is holding the market down, despite other evidence pointing to a significant squeeze in supply,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. “.
Britain reported the number of deaths and hospitalizations from Covid-19 rose to the highest level since March. Meanwhile, the US Centers for Disease Control and Prevention (CDC) has recommended that fully vaccinated Americans wear masks indoors. The US has also issued a travel warning for Spain and Portugal due to an increase in the number of Covid-19 infections.
The Olympic host city, Tokyo, also warned of a record high number of Covid-19 infections even as athletes continued to compete.
Gold rose slightly
Gold prices steadied near $1,800 an ounce amid a falling dollar and falling US real yields, although gold’s upside momentum was capped by cautious investors ahead of the news. meeting of the US Federal Reserve (Fed).
At the end of the session, spot gold price increased by 0.2% to 1,800.46 USD/ounce; while August gold futures were steady at $1,799.8 an ounce.
The dollar index fell 0.3%, helping to make gold cheaper for investors holding other assets. Yields on 10-year US Treasuries also hit a record low.
Copper falls ahead of Fed meeting
Copper prices ended a five-day streak of gains as investors halted bets ahead of the Fed meeting, which is expected to provide more clues on the direction of monetary policy.
Three-month copper futures on the London Stock Exchange ended the session down 0.8 percent at $9,735 a tonne, after hitting the highest level since June 15, at $9,924.
Investor sentiment is now cautious before the results of the Fed meeting, on July 28, to be able to predict the direction of US interest rates – a factor that can have a strong impact. USD and liquidity in financial markets.
Rubber prices fall su
Rubber prices fell despite expectations of increased demand.
Rubber futures on the Osaka floor fell 0.8% to 214.5 yen ($1.95)/kg. In the previous session, the price rose to 217 JPY/kg, the highest since July 19.
On the Shanghai floor, the price of rubber last session also fell 0.7% to 13,180 CNY ($2,026.16)/ton.
Coal reaches 11-week high as China tightens regulations
Coke prices traded on the Dalian bourse rose for a third session in a row to an 11-week high, while coking coal also rose on concerns that supply would be scarce.
Accordingly, September coke futures rose 1.2% to 2,863 CNY ($441.55) per tonne at the close, after touching CNY 2,910 at one point, the highest since May 12.
Coking coal prices ended this session also increased 0.1% to 2,135 CNY/ton, sometimes reaching 2,190.50 CNY.
Coke is a raw material used as a reducing agent in the smelting of iron ore – the main steelmaking raw material in blast furnaces.
Coke supply in China is tight as coal producers are also affected by stricter regulations on carbon emissions.
Soybean up, corn and wheat down
US soybean prices rose for a second straight session after US reports showed dry weather affecting crops.
In contrast, corn and wheat prices both fell at the close as investors took profits after the mid-session rally.
Specifically, soybean futures on the Chicago Exchange ended the session up 1.75 cents to $13.59-1/2 per bushel, after hitting the lowest since July 12 at $13.32 initially. session. Corn price this session fell 0.5 US cent to 5.46-1/4 USD/bushel; Wheat fell 2.5 US cents to 6.74-1/2 USD/bushel, the fourth consecutive decline.
Sugar prices fall
Raw sugar for October delivery fell 0.07 cents, or 0.4%, to 18.35 cents/lb, after touching its highest since late February, at $18.73 in the previous session.
Dealers said the sugar market assessed the frost as unlikely to cause severe damage to the cane output of Brazil – also the world’s top sugar producer.
Brazil produced 2.94 million tonnes of sugar in the first half of July, down 2.8% from a year earlier, industry group Unica said. According to Unica, there is currently no clear information on the impact of these frosts.
The price of white sugar delivered in October last session also decreased by 1.70 USD, or 0.4%, to 454.70 USD/ton.
Coffee drops from near 7-year high
Arabica coffee futures prices fell in the last session, after hitting a nearly seven-year high in the previous session, as many participating organizations assessed the damage of frosts to the coffee crop. Brazilian coffee season.
Closing the session, arabica for September futures fell US cents, or 2.9%, to $2,0175/lb. In the previous session, prices rose 9.9% to $2,1520, the highest level since October 2014.
Robusta coffee for November term also fell $ 35, or 1.8%, to $ 1,940 / ton.
Prices of some key items in the morning of July 28:
