Oil prices fall
Oil prices fell on September 7 on a stronger dollar and concerns about weak demand in the US and Asia, but the decline was capped by production in the US Gulf Coast still stalled after the storm.
At the end of this session, US West Texas Intermediate (WTI) oil fell 94 US cents, or 1.4%, compared with the close of the previous session, to 68.35 USD/barrel, at times only 67.64 USD. In the Monday session (September 6), no transactions were made because it is the US Labor Day. Brent oil on September 7 fell 53 cents, or 0.7%, to $71.69 a barrel, after having fallen 39 cents in the previous session.
John Saucer, vice president of crude oil markets at Mobius Risk Group in Houston, said the strengthening of the dollar and the move by Saudi Arabia to cut the official selling price (OSP) of oil for Asian customers is causing damage. pressure on world crude oil prices.
In the Gulf of Mexico, about 79% of oil production is still offline more than a week after Hurricane Ida passed, equivalent to 1.44 million barrels per day.
Gold falls as USD strengthens
Gold prices fell 1.5% in the last session as the dollar strengthened and US bond yields also increased.
At the end of the session, spot gold price fell 1.6% to $1,794.57 per ounce, the biggest drop since August 9; Gold for December delivery fell 1.9% to $1,798.5 an ounce.
A stronger dollar against key partner currencies makes gold more expensive for holders of other currencies.
Another factor contributing to gold’s further attenuation is the 10-year US government bond yields also rose to their highest levels since mid-July.
“Additionally, the market is also starting to get nervous as gold once again struggled but failed to break through key resistance around $1,835,” said Saxo Bank analyst Ole Hansen.
Aluminum prices cool down
Aluminum prices turned lower as the dollar strengthened, but remained close to 10-year highs on supply concerns as a coup in Guinea could exacerbate production disruptions elsewhere.
Three-month aluminum futures on the London Metal Exchange ended the session down 0.5% at $2,760 a tonne. In the previous session, prices hit the highest level since May 2011 of $2,782/ton.
While no major mines have had production disruptions so far, the coup in Guinea over the weekend has raised supply concerns as the West African nation is a major source of aluminum bauxite ore. largest for China – the world’s leading aluminum producer.
Commerzbank analyst Daniel Briesemann said: “We believe prices are too high and forecast a correction between now and the end of the year.
Iron and steel increase
Iron ore prices traded on the Dalian bourse in the past session recovered after a five-day sell-off that pushed prices to a seven-month low, although the world’s largest steel producer – China – is increasing. buy this steel material.
Iron ore for January 2022 futures on China’s Dalian Commodity Exchange rose 1.1% to 763 yuan per tonne at the end of the session and at the beginning of the session fell to 718.50 yuan, the lowest level since from 4/2.
Iron ore imports pushed iron ore inventories at China’s ports to 131.4 million tonnes as of September 3, based on data from consulting firm SteelHome, the highest since late April after three years. continuously increasing week.
Steel prices this session also rose simultaneously, with rebar on the Shanghai trading floor up 0.9%, hot rolled coil up 0.2%, and stainless steel up 1.7%.
Rubber prices fall
Rubber prices in the Japanese market fell in the last session, although the volume of transactions was more than expected from Chinese customers, due to concerns that demand will continue to be weak amid a decline in auto production due to a shortage of rubber products. chips on a global scale.
Rubber for February term on the Osaka trading floor this session fell 3.5 yen, or 1.7%, to 207.5 yen (1.9 USD)/kg.
On the Shanghai Stock Exchange, the January contract also fell 90 yuan to 13,720 yuan ($2,123) a tonne.
Auto sales by Japanese carmakers Honda Motor, Nissan Motor and Toyota Motor in China all fell in August as chip shortages hit vehicle production in the biggest car market. world.
Soybean, corn and wheat reduced
U.S. soybean and wheat prices both fell in the last session on a stronger dollar and concerns that an early harvest in the United States will affect prices of these grains.
Corn prices on the Chicago Mercantile Exchange ended the session down 13-1/4 cents at $5.10-3/4 per bushel, the lowest level since July 9; soybeans also fell 15 US cents to 12.77 USD/bushel, while wheat fell 6-1/2 US cent to 7.19-3/4 USD/bushel.
U.S. corn and soybean exports fell to multi-year lows last week after export ports in the south of the country were hit by Hurricane Ida. Export facilities remain closed due to damage and power outages.
Robustra coffee highest in 4 years
Robusta coffee prices on the London floor continued to rise to a 4-year high due to the disruption of export shipments from Vietnam.
Accordingly, robusta for November term increased by 20 USD, or 1%, to 2,102 USD/ton, after reaching a 4-year high of 2,123 USD.
Arabica coffee delivered in December this session also increased by 0.95%, or 0.5%, to 1,9395 USD/lb.
Sugar prices fall
Crude sugar for October delivery fell 0.14%, or 0.7%, at 19.48 cents/lb at the close, after hitting a two-week low of 19.44 the previous session. .
Dealers said trading was limited to the current range, as investors continued to look at the extent of crop damage in Brazil.
The price of white sugar for October term also fell $4.10, or 0.8%, to $482.60/ton.
Prices of some key items in the morning of September 8:
