Oil reached the “peak” for 7 years
Oil prices continued to rise to a seven-year high on concerns about supply disruptions, severe weather in the US and political uncertainty among the world’s major producers.
Accordingly, Brent oil price at the closing session of the week increased by 2.16 USD, or 2.4%, to 93.27 USD/barrel, before that price hit the highest level since October 2014. is 93.70 USD. U.S. West Texas Intermediate (WTI) oil ended at $2.04, or up 2.3%, to $92.31 a barrel, after trading at its highest level since September 2014. is 93.17 USD.
For the week as a whole, Brent prices rose 3.6%, while WTI gained 6.3%, the longest rally since October last year.
Gold rose
Gold prices rose on Tuesday as growing inflation concerns eased dollar upside pressure, although US Treasury yields edged up on the back of surprisingly positive US jobs data. course.
Spot gold ended the session up 0.1% at $1,805.95 an ounce, after hitting a one-week high at one point. For the whole week, spot gold price increased by 0.8%.
Gold futures in April also rose 0.2 percent to $1,807.80 at the close, after volatile trading hours.
“We continue to see inflationary pressures build up in the economy” and “that creates the momentum we are seeing,” said David Meger, director of metals trading at High Ridge Futures. on the gold market”.
Oil prices rose to a 7-year high, adding to inflationary pressures.
Copper and aluminum rose
Copper and aluminum prices increased in the last session of the week due to very little inventories. However, concerns that central banks’ rate hikes will stifle economic growth have hampered the metal’s upside momentum.
At the end of the session, the price of 3-month copper futures on the London Metal Exchange (LME) increased 0.1% to $9,838 per ton, for the whole week, the price increased by 3%.
Gas reduction
Spot liquefied natural gas (LNG) prices in Asia fell this week, following gas price trends in Europe, amid a drop in demand from China as the Lunar New Year holiday dampened trading activity. in Northeast Asia.
Accordingly, the average LNG price for March delivery in Northeast Asia dropped to $25.00/mmBtu, down $2.00 or 7.4% from last week; Futures contract price for April delivery is 27.50 USD/mmBtu.
Edmund Siau, LNG analyst, said: “LNG prices will continue to fluctuate between now and the end of winter. Gas fundamentals in Europe are easing, with LNG imports reaching record highs, while Russia’s pipeline imports are recovering”, which means increased supply, said Edmund Siau, LNG analyst at consulting firm FGE.
Rubber rose
Rubber prices on the Japanese market increased slightly in the last session of the week due to the recovery of the Tokyo stock market and higher oil prices.
Accordingly, the July futures contract on the Osaka floor increased by 0.6 yen, or 0.2%, to 241.6 yen ($2.10)/kg. For the whole week, rubber prices increased by 0.9% in the week, the first increase in 3 weeks.
Reduced coffee
The price of arabica coffee for March delivery fell 2.05 cents, or 0.8%, to $2,4185 per lb; robusta for May contract fell $7, or 0.3%, to $2,213 per ton.
Rain in Brazil has helped improve crops in the world’s top coffee producer, after suffering heavy losses last year due to adverse weather.
Soybean, corn, wheat rose
U.S. soybean futures futures rose at the weekend, nearing an eight-month high as the market remained concerned about a weather-driven fall in South American yields, although some traders profited after prices fell. increased sharply this week.
Corn prices also gained solidly, while wheat prices recovered after two sessions of declines.
Grain traders are beginning to balance positions in anticipation of the US Department of Agriculture (USDA) agricultural supply and demand report, due next week, expected to show supply. cereals and oilseeds tightened and crop production in Brazil and Argentina declined.
Soybean futures for March delivery on the Chicago Mercantile Exchange rose 9-1/4 cents to 15.53-1/2 USD/bushel, for the whole week increased by 5.7%.
Corn prices for the same term increased 3-3/4 cents to 6.20-1/2 USD/bushel but ended the week down 2.4%.
Wheat for March delivery also rose 11-1/2 cents to $7.63-1/4 per bushel, but fell 2.9% for the week.
Road to recovery
Raw sugar prices increased in the last session of the week following the uptrend of all financial-commodity markets. Some investors also took advantage of buying back contracts after prices fell to a 3.5-week low in the previous session.
Raw sugar for March delivery rose 0.24 cents, or 1.3%, to 18.23 cents/lb.
White sugar delivered in March also increased by 6 USD, or 1.2%, to 498.50/ton.
Prices of some key items in the morning of February 5:
