US oil surpasses 90 USD
Oil prices rose in the last session, with US crude surpassing $90 a barrel for the first time since 2014 as supply concerns persisted amid extreme weather across the US.
Ending the session, Brent crude rose $1.64 (1.8%) to $91.11 a barrel, while US West Texas Intermediate (WTI) added $2.1 (2.3 percent) to $90.27. /barrel, surpassing the $90 threshold for the first time since October 6, 2014.
Oil prices rose sharply towards the end of the session on growing concerns that prolonged cold weather could affect output in Texas, exacerbating tight global crude supplies.
Solid gold price
Gold prices steadied amid a weaker dollar and risk-off sentiment in the equity markets, but soaring US Treasury yields put downward pressure.
Accordingly, the spot gold price ended flat at $1,806.07 an ounce, before it fell 1% at the beginning of the session to just $1,787.70 when bond yields jumped; Gold futures in April this session fell slightly by 0.3% to 1,804.10 USD/ounce.
The Dollar Index fell 0.7 percent to its lowest in more than two weeks, making gold cheaper for holders of other currencies. US stock indexes all fell after the prospect of Facebook caused a wave of sell-off in technology stocks.
The US 10-year yield rose to 1.838%, its highest level in nearly a week after the Bank of England’s aggressive rate hike boosted investors’ expectations that the US central bank will have similar moves.
Currently, the correlation between USD volatility and gold price movements is very close. In recent sessions, there was no other impact on gold price except USD exchange rate.
Correlation between gold price movements and USD.
Stable copper price
Copper prices also held firm amid two opposing forces: a weak dollar and low inventories, and demand concerns in China and Europe.
Copper futures for three-month delivery on the London Stock Exchange were steady at $9,840 per tonne at the end of the session, in one session touching a low of $9,720 per ton.
“The Chinese New Year holiday and the Winter Olympics mean manufacturing activity and demand in China for base metals will wane,” said one metals trader. Tightening monetary policy could reduce European demand.”
Reduced corn and soybeans
Corn prices fell from multi-month highs on profit-taking and worries that export demand could weaken after China canceled an order to buy US corn.
Wheat also fell on weak weekly export data and a lack of supportive new information, while soybean prices also eased slightly after a volatile session.
On the Chicago Mercantile Exchange, March corn futures fell 5-3/4 cents to $6.16-3/4 per bushel, and March wheat fell 3-1/4 cents to 7.51-3/ 4 USD/bushel; Soybean futures fell 1% to $15.44-1/4/bushel, after fluctuating between $15.29 and $15.60.
The lowest line 3.5 weeks
Crude sugar futures on the ICE exchange fell to a 3.5-week low on the back of an improved supply outlook as well as concerns that rising global inflation could affect world economic growth and weaken the economy. reduce sugar demand.
The price of raw sugar for March term in this session sometimes touched 17.77 US cents/lb, the lowest since January 10, before recovering at the end of the session and ending up with a slight increase of 0.06 US cents, equivalent to about 0.06 US cents/lb. or 0.3%, to 17.99 US cents/lb.
The price of white sugar for delivery in March ended the session up $3.30, or 0.7%, to $492.50/ton.
Arabica coffee up 2%
Arabica coffee for March delivery rose 5.1 cents, or 2.1%, to $2,439/lb, the third consecutive gain, moving closer to a 10-year high of $2.50 reached. in December due to slow exports from Brazil – the world’s leading producer of arabica – while the amount of coffee stored on the ICE floor decreased rapidly.
Robusta coffee for March delivery also increased by $30, or 1.4%, to $2,234 per tonne, rebounding sharply from a three-month low of $2,161 hit on Monday (January 31).
Rubber ends a series of 4 gaining sessions
Rubber prices in the Japanese market fell sharply as investors took profit after a 4-session rally, while falling stocks also eroded investors’ risk-on sentiment.
The July rubber contract on the Osaka floor fell 6.7 yen, or 2.7%, to 241.0 yen ($2.1) per kg, the biggest drop since December 20. .
Prices of some key items in the morning of February 4:
