Oil prices rise again
Oil prices rose, as the market said it was unlikely the US would release emergency crude oil reserves or ban exports to ease tight supply.
Closing the session on October 7, Brent crude rose 87 US cents or 1.1% to $81.95 a barrel and West Texas Intermediate crude rose 87 US cents or 1.1% to $78.3. /bin.
The US Department of Energy said all “tools are available” to address tight energy supply conditions in the market. The department’s comment also comes amid speculation over whether President Joe Biden’s administration is considering tapping the Strategic Petroleum Reserve (SPR) or pursuing an oil export ban to lower crude prices.
The US often uses strategic reserves after hurricanes or other supply disruptions. However, since ending the 40-year ban on crude oil exports in 2015, the country has become an important exporter and has not continued to cut exports.
In addition, rising oil prices were also supported by tight global supply, as demand recovered faster than expected from the Covid-19 pandemic in major import markets such as China.
Major producers and the International Energy Agency expect crude oil demand to rise from 150,000 to 500,000 bpd in the coming months, as natural gas users turn to oil due to rising gas prices. high.
Natural gas prices increase
Natural gas prices in the United States rose slightly, as higher oil prices overshadowed a global drop in gas prices from record highs.
The price of natural gas for November term on the New York Stock Exchange rose 0.2 US cents to $5,677/mmBtu, after rising to a 12-year high on October 5, 2021 and then falling 10% on the day. October 6, 2021.
Gold price drops
Gold prices fell, as weekly US jobless claims fell ahead of monthly jobs data due later this week, boosting US Treasury yields and stoking concerns about the Federal Reserve. The US Federal Reserve may soon cut economic support.
Spot gold on the LBMA fell 0.3 percent to $1,757.3 an ounce and December 2021 gold on the New York Stock Exchange fell 0.2 percent to $1,759.2 an ounce.
The reduction in stimulus by the US Federal Reserve and higher interest rates boosted bond yields, which in turn increases the opportunity cost of holding bullion. At the same time, the dollar fell from a near 1-year high, boosted by lingering inflation concerns and expectations the Fed will have to act sooner to normalize policy.
Copper price increases
Copper prices rose, supported by a rebound in global stock markets, along with falling inventories and the risk of supply disruptions at the Peruvian mine.
Copper prices on the London bourse rose 2.5% to $9,268 per tonne. However, copper prices fell from a record high ($10,747.5/ton) in May 2021, due to slowing global economic growth. Copper prices are likely to fall further before demand picks up again, said independent analyst Robin Bhar.
Copper stocks in London fell to 82,850 tonnes from 168,075 tonnes on September 21, 2021. At the same time, copper stocks in Shanghai touched 43,525 tonnes – the lowest since 2009.
Rubber prices in Japan fell
Rubber prices in Japan fell from a 6-week high in the previous session, as concerns about the real estate sector led to a slowdown in demand in the top consumer – China.
The price of rubber for March 2022 on the Osaka floor decreased by JPY 0.4, or 0.2%, to JPY 214.1/kg. In the previous session, rubber prices increased to 214.7 JPY/kg – the highest since August 26, 2021.
Coffee prices changed slightly in Vietnam and Indonesia, increased in New York and London
Coffee trading activity in Vietnam is quiet, as the new harvest season 2021/22 has not yet started, while coffee prices in Indonesia are little changed due to low supply.
The price of Vietnam’s export robusta coffee (type 2.5% black & broken) offered for sale at a deduction of $250/ton for the November contract in November 2021 on the London Stock Exchange compared to a deduction of $250-280/ton. tons last week. In the domestic market, green coffee beans are sold for 39,500-41,300 VND (1.74-1.81 USD)/kg, compared to 39,300-41,000 VND/kg 1 week ago.
In Indonesia, the price of Robusta coffee grade 4 (80 defective beans) offered for sale at a discount of $ 280 / tonne for the November & December futures contract, compared with a deduction of $ 280-300 / tonne a week ago.
In New York, the price of Arabica coffee for December 2021 futures increased by 4.45 US cents, or 2.3%, to 1,979 USD/lb.
In London, the price of Robusta coffee for November 2021 term increased by 3 USD, or 0.1%, to 2,119 USD/ton.
Sugar prices increase
The price of raw sugar for March 2020 futures on the ICE floor increased by 0.07 US cents, or 0.4%, to 19.84 US cents/lb. At the same time, the price of white sugar for December 2021 on the London floor increased by 2 USD, or 0.4%, to 510.5 USD/ton.
Wheat prices fall
On the Chicago Mercantile Exchange, the price of red, soft winter wheat for the December 2021 term fell 4-3/4 US cents to 7.41-1/4 USD/bushel. December 2021 corn futures rose 1-3/4 US cents to $5.34/bushel and November 2021 soybean futures rose 5-1/4 US cents to 12.47-1/4 USD /bushel.
Rice prices simultaneously increased in most markets
The price of exported rice from Vietnam increased for the 5th consecutive week, due to high domestic demand causing the purchase price to increase.
For the 5% broken grade, the price of Vietnamese rice increased to nearly a 3-month high ($430-435/ton) compared to $425-430/ton a week ago.
In India – the leading rice exporter, the price of 5% broken rice increased to $360-363/ton from $358-363/ton a week ago.
In Thailand, the price of 5% broken rice increased to $385-420/ton from $385-386/ton the previous week, due to the baht’s appreciation against the dollar.
Thailand exported 3.7 million tons of rice in the first nine months of 2021 and aims to end the year exporting 6 million tons.
Palm oil prices leave the streak of gains for 3 consecutive sessions
Palm oil prices in Malaysia broke off a three-day streak of gains, pressured by crude oil prices, but the decline was limited by concerns about tight supply.
Palm oil futures for December 2021 on the Bursa Malaysia exchange fell 27 ringgit, or 0.55%, to 4,845 ringgit ($1,158.54) per ton.
Prices of some key items on the morning of October 8:
