Oil prices continue to rise
Oil prices rose 3% in the last session. Closing the session on August 24, Brent crude oil gained 2.3 USD, or 3.4%, to 71.05 USD/barrel and West Texas Intermediate crude oil increased 1.9 USD, or 2.9%, to 67. 54 USD/barrel. So far this week, oil prices have gained more than 8% after falling 7.6% the previous week – the biggest weekly drop in more than nine months.
Oil prices rose in part because a fire on an oil rig off the coast of Mexico has reduced oil output from state-run Pemex by about 25% since then.
In addition, rising oil prices were also supported by the American Petroleum Institute, which said crude inventories fell by 1.6 million barrels, while gasoline inventories fell by 1 million barrels.
Natural gas prices fall
U.S. natural gas prices fell, as demand forecasts this week fell short of the hot weather outlook and air-conditioning usage continued to soar through early September 2021.
The price of natural gas for September 2021 futures on the New York Stock Exchange fell 4.9 US cents or 1.2% to $3,896/mmBTU, after hitting the highest level since August 16, 2021 in the previous session. .
Gold price still surpasses the threshold of 1,800 USD/ounce
Gold prices remain above $1,800 an ounce, as the recent rise in the number of Covid-19 cases, may prompt the US Federal Reserve to not announce at the Jackson Hole symposium its plans to ease economic support. economic.
Spot gold on the LBMA exchange held steady at $1,804.99 an ounce, after hitting its highest level since August 5, 2021, and December 2021 gold on the New York Stock Exchange rose 0.1% to $1.8 million. 1,808.9 USD/ounce.
Copper prices continue to rise
Copper prices rose for a third session in a row as demand rebounded, but gains were capped by uncertainty ahead of the US central bank’s conference.
Copper for three-month delivery on the London Stock Exchange rose 1.1% to $9,372 a tonne. In the last two sessions, copper price increased by a total of 2.6%.
Iron ore prices increased by more than 6%, steel, coking coal and coking coal all increased
Prices of coking coal and coking coal in China rose to record highs, boosted by concerns about a decline in the supply of steelmaking raw materials in the top steel producer – China -.
On the Dalian bourse, coking coal prices rose 5.8% to CNY 2,465 ($380.5) per tonne, after hitting a record high (CNY2,571 per tonne) in early trading. Coke prices rose 6.5% to CNY 3,150.5/mt, after hitting a high of CNY 3,267.5/mt.
Iron ore futures for January 2022 on the Dalian Exchange rose 6.2% to 817.5 CNY/ton, recovering from a 7.5-month low on August 20, 2021.
At the same time, the price of iron ore for September 2021 on the Singapore floor increased by 8.2% to 146.9 USD/ton.
On the Shanghai trading floor, rebar prices increased 2.4%, hot rolled coil increased 2.5% and stainless steel increased 0.4%.
Coffee prices continue to increase
The price of arabica coffee for December 2021 on the ICE floor increased by 3.9 US cents, or 2.1%, to 1.8575 USD/lb.
At the same time, the price of Robusta coffee for November 2021 on the London floor increased by 59 USD, or 3.1%, to 1,971 USD/ton, after reaching a 4-week high ($1,976/ton).
Sugar prices move in the opposite direction
The price of raw sugar for October 2021 on the ICE floor remained stable at 19.58 US cents/lb, after rising in the early trading session due to Brazil’s sugar production data.
The price of white sugar in October 2021 on the London floor decreased by 1.6 USD, or 0.3%, to 477.5 USD/ton.
Brazil’s sugar production in the first half of August 2021 reached 2.99 million tons, down 7.5% year-on-year, Unica said.
Soybean and corn prices up, wheat down
Soybean prices in the US rose, due to bad weather in the US Midwest, improved export demand and a 3% increase in soybean oil prices, amid a strong crude oil market.
On the Chicago Mercantile Exchange, soybean futures in November 2021 increased 39 US cents to 13.31-3/4 USD/bushel. December 2021 corn futures rose 9-3/4 US cents to 5.45-1/4 USD/bushel, while December 2021 wheat futures fell 1-1/4 US cents to 7, 32-1/4 USD/bushel.
Palm oil prices leave the streak of gains for 2 consecutive sessions
Palm oil prices in Malaysia exited a streak of gains for two consecutive sessions, driven by slower exports and increased output in August 2021.
Palm oil futures for November 2021 on the Bursa Malaysia exchange fell 16 ringgit, or 0.37%, to 4,300 ringgit ($1,017.27) per ton.
Prices of some key items on the morning of August 25:
