Oil prices rise ahead of OPEC+ meeting
The price of Brent oil reached above $78 per barrel on Friday (October 1), close to a three-year high reached this week. The market thinks that OPEC ministers will decide to maintain a steady rate of production growth.
The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will meet on Monday (October 4). The group is gradually lifting record-breaking output cuts made last year, and some sources say they are considering more action to boost production.
At the end of this session, Brent oil rose 97 cents, or 1.2%, to 79.28 USD/barrel, the 4th consecutive weekly gain for the whole week; US West Texas Intermediate (WTI) oil this session increased 85 US cents to 75.88 USD in a week, for the whole week, it increased for the sixth consecutive week.
Gold rises as USD falls
Gold prices rose in the past session as a weaker dollar and concerns about inflation and rising risks clouded the focus on the US interest rate hike. This is also the reason why gold price in general increased slightly this week.
At the end of the session, spot gold price increased 0.1% to 1,759.13 USD/ounce; December gold futures rose 0.1% to $1,758.4.
The dollar fell again, making gold cheaper in terms of other currencies, encouraging demand for gold to increase.
For the whole week, the gold price increased for the first week since September 3, with an increase of about 0.5%, mainly thanks to the USD falling about 2% in the session of September 30.
Copper price recovers
Copper price increased again in the last session of the week, but overall, the whole week still fell about 2%. Traders warned that copper prices are likely to fall further due to concerns about energy prices and China’s economic growth.
Three-month copper futures on the London Metal Exchange (LME) ended up 2.1% higher at $9,099 a tonne. In the previous session, the price of this contract decreased by 2.4%.
Asian gas is at a record high
Liquefied natural gas (LNG) prices in Asia this week surged to a record high as Chinese demand remained high amid power shortages and high gas prices in Europe during the summer season. East begins to come.
The average LNG price for November delivery in Northeast Asia is currently around $32/mmBtu, up nearly 20% from last week.
S&P Global Platts said the price of JKM (Japan-Korea-Marker) gas – widely used as a reference price for spot LNG contracts – rose to $34.47/mmBtu.
Trade sources say Chinese buyers are looking for more stock and bidding above-market prices, despite record-high market prices, as winter approaches and gas inventories are forecast. There is not much in stock in this country.
Wheat at 6-week high due to tight supply, rising corn prices, falling soybeans
U.S. wheat futures hit a six-week high, their second consecutive gain, after data showed U.S. inventories and production were lower than expected.
Corn prices also rose with wheat, while soybeans fell to a multi-month low after the US Department of Agriculture (USDA) announced that the country’s soybean stocks were higher than expected.
On the Chicago Mercantile Exchange, December wheat futures rose 29-3/4 cents to $7.55-1/4/bushel at the close, after hitting $7.58-1/2 at one point, the highest since August 17th.
Corn for December delivery also ended up 4-3/4 cents to $5.41-1/2 per bushel, while soybeans for November delivery fell 9-1/2 cents to 12.46-1/2. USD/bushel at the close, having dropped to $12.42, the lowest since Dec. 22.
OLDCoffee increased because of supply concerns
The price of coffee futures increases when the supply in the physical market becomes short due to a shortage due to reduced production.
Arabica coffee delivered in December rose 10.05 cents, or 5.2%, to $2,0405/lb, up 4.75% for the whole week.
Robusta coffee exports from Indonesia’s main coffee producing province Lampung fell by nearly 70% in September.
The price of robusta coffee delivered in November increased by 42 USD, or 2.0%, at 2,168 USD/ton.
Sugar prices fall
Prices of raw sugar futures on the Intercontinental Exchange fell on Friday (October 1), the first day of the 2021/22 crop year, as inflation concerns fueled the recent dollar rally and sentiment in the global stock and commodity markets.
Raw sugar for March delivery fell 22 cents/lb, or 0.1%, to 20.06 cents/lb.
White sugar for delivery in December this session also fell by 1.90 USD/ton, or 0.37%, to 510.90 USD/ton.
Cotton reached the “top” for 10 years
Cotton prices in the US fell at the end of the week, but overall the week increased by the most since July 2016, supported by strong buying from China and concerns about reduced supply due to damage to the cotton industry. The major producer is India.
At the beginning of the trading session on October 1, the price of cotton for 2-month delivery jumped to the highest level since September 2011 at 107.28 cents/lb.
At the end of the session, the cotton contract for December delivery fell 0.62 cents, or 0.59%, to 105.18 cents/lb.
China has become the largest buyer of US cotton for four consecutive weeks. Meanwhile, there have been reports that India’s cotton crop is affected.
Rubber prices fall
Rubber futures prices in Japan fell on Friday as surveys showed a slowdown in industrial activity in Asia in September, affecting demand for commodities such as rubber.
Rubber for March 2022 on the Osaka floor ended the session down 1.1 yen, or 0.5%, to 210.7 yen/kg.
Asia’s manufacturing activity was “faint” in September as signs of slowing Chinese growth and factory shutdowns caused by the Covid-19 pandemic weighed on the region’s economies. area.
Prices of some key items in the morning of October 2:
