Oil prices increase for the 4th month in a row
Oil prices rose on Tuesday, with Brent gaining for a fourth straight month as demand outstripped supply and vaccinations are expected to soften the impact of a resurgence of the Covid-19 outbreak on the world economy. Around the world.
Ending this session, Brent oil for September term – due on July 30 – increased by 28 US cents, or 0.4%, to 76.33 USD/barrel; Brent crude for October futures rose 31 cents to $75.41 a barrel.
West Texas Intermediate (WTI) oil prices rose 33 cents, or 0.5%, to end the session at $73.95 a barrel.
Both oils are up more than 2% for the week. For the whole month of July, Brent oil price increased by 1.6%, the 4th consecutive month of increase, while WTI was unchanged.
The number of US oil rigs has increased for 11 consecutive months, but this week decreased by 2 rigs to 385.
Gold falls as USD strengthens
Gold prices fell in the past session as a stronger USD reduced the precious metal’s short-lived rally.
At the end of this session, spot gold price fell 0.8% to 1,814.00 USD/ounce; August 2021 gold futures fell 1% to 1,817.20 USD/USD.
Gold prices hit a two-week high on Thursday (July 29) after Fed Chairman Mr. Powell said the US job market was still not strong enough for the Fed to withdraw its financial support programs.
For the whole week, the gold price increased. RJO Futures senior market strategist Bob Haberkorn said the data showed core inflation picked up at a slower-than-expected pace last month, with a stronger dollar weighing on. up gold. Traditionally, gold has been seen as a hedge against inflation.
Aluminum highest in 3 years due to power outages in China, record high tin
Aluminum prices rose to their highest in more than three years on Wednesday on concerns about supply shrinkage at China’s top factory following widespread power outages in the country’s metal-producing province. this – Yunnan.
Accordingly, the price of aluminum for 3-month delivery on the London floor increased 0.1% to $ 2,593 / ton, ending the 6th consecutive month of increase. During the session, prices reached 2,642, the highest level since April 2018, before the US dollar index reversed and turned positive, making the USD-denominated metal more expensive for investors. buy using other currencies.
Zinc prices also rose this session because of power outages after floods in Yunnan province, where there are several large zinc factories. Accordingly, zinc futures for delivery in 3 months on the London floor increased by 0.9% to $ 3,025 / ton.
Corn, soybeans decrease
US corn and soybean prices fell about 2% in the last session due to technical sell-off and liquidation that lasted into the weekend and at the end of the month. Another reason is that the corn belt in the US has rained, helping the crop to grow.
Wheat prices ended the session on July 30 with a slight decrease, but overall, the whole month recorded an increase.
At the end of this session, the price of corn for December futures on the Chicago Mercantile Exchange dropped 11-1/4 cents to 5.45-1/4 USD/bushel; November soybean futures fell 28-1/2 cents to 13.49-1/4 USD/bushel; September wheat futures fell 1-1/2 cents to $7.03-3/4 per bushel.
Parts of South Dakota, Minnesota and northern Iowa had rain yesterday. Some forecasts suggest more rain in the near future, helping the crops in these areas to thrive.
Coffee down nearly 9%
The price of arabica coffee futures on ICE ended the session sharply lower because last night’s frost in Brazil – the world’s top coffee producer – was not as severe and widespread as some expected.
Accordingly, September arabica coffee futures fell 16.95 cents, or 8.6%, to $1.7955/lb, far back from a nearly seven-year high of over $2, reached last week. .
Temperatures dropped across Brazil on Thursday (July 29) and Friday (July 20) – with sporadic snowfall overnight in some places – as an air mass from the poles moved towards the south-central part of the land. water, threatening to damage coffee and sugarcane crops.
However, Brazil’s next crop will certainly be affected as the trees have been damaged in recent frosts.
Robusta coffee prices for September delivery fell 99 USD, or 5.3%, to 1,786 USD/ton.
Discount line
Raw sugar for October delivery ended the session down 0.39%, or 2.1%, to 17.91 cents/lb.
The price of white sugar LSUc1 delivered in October also decreased by 5.70 USD, or 1.3%, to 445.70 USD/ton.
Palm oil fell
Malaysian palm oil prices rose for a sixth straight week, although they fell on Friday as earlier price increases hit demand.
Palm oil for October delivery on the Bursa Malaysia Derivatives Exchange fell 1.26% to 4,371 ringgit ($1,036.27) a tonne.
Cotton fell, but July increased the most in 3 months
Cotton prices on the ICE floor (USA) have just ended their strongest month since April 2021 due to stable global demand, despite a sharp decline in the last session of the month.
Accordingly, cotton futures fell 1.02 US cents, or 1.1% compared to the previous session, to 89.29 cents/lb, after falling 1.6% in the previous session, due to the strong USD. up. However, for the whole month of July, cotton prices have increased by about 5%.
Rubber has the strongest weekly increase in 5 months
The price of rubber traded in Japan increased in the last session, the whole week increased the most in more than 5 months due to the expectation that demand would increase thanks to the recovery of the global economy.
On the Osaka floor, rubber futures prices increased 1.6% to 219.3 yen (US$2.00)/kg. For the whole week, prices rose 4.5%, the most since mid-February. On the Shanghai floor, the price of rubber for September futures increased by 1.3% to 13,420 CNY ($2,078.94)/ton.
Iron ore down, steel up
Asian iron ore prices fell in the last session due to China’s policies to reduce steel output and cool down prices of construction and manufacturing materials.
The price of iron ore traded on the Dalian bourse ended the session on July 30, down sharply, losing 8.1%, down to 1,027 CNY ($158.95)/ton, for the whole month of July, it fell by 8%, the largest decrease. as of February 2020; iron ore on the Singapore exchange dropped 7.7% to $175.95/ton, down 16% within a month.
Meanwhile, steel prices simultaneously increased in this session, rebar traded on the Shanghai floor increased 1% to 5,705 CNY/ton; hot rolled coil (HRC) increased by 3.1% to 6,120 CNY/ton; stainless steel also increased 3.1% to 20,065 CNY/ton.
Prices of some key items on the morning of July 31:
