Oil prices up 1.5%
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Oil prices rose 1.5% and posted a second straight week of gains, as EU sanctions on Russian crude raised the prospect of tight supply and concerns about global economic growth.
Closing the session on May 6, Brent crude oil gained $1.49, or 1.3%, to $112.39 a barrel and West Texas Intermediate crude rose 1.51 US cents, or 1.4%, to 109. .77 USD/barrel. For the whole week, the price of WTI oil increased by 5% and the price of Brent oil increased by nearly 4%, after the EU introduced an embargo on Russian oil, as part of the toughest sanctions package on the conflict in Vietnam. Ukraine.
Natural gas prices down 8%
U.S. natural gas prices fell 8% from a 13-year high in the previous session, on expectations for increased output, milder weather and reduced demand over the next two weeks.
The price of natural gas for June contract on the New York Stock Exchange fell 74 US cents, or 8.4%, to $8,043/mmBTU, the biggest drop since February 2022. However, for the whole week, the price of natural gas increased by 11%.
Gold price rises, palladium falls
Gold prices rose as the dollar fell, but a positive interest rate hike outlook from the US Federal Reserve sent gold down for a third straight week, while palladium fell more than 8% on demand concerns.
Spot gold on the LBMA rose 0.3 percent to $1,882.78 an ounce, but had a weekly loss of 0.7 percent and gold futures for June 2022 on the New York Stock Exchange rose 0.4 percent to $1,882.8 per ounce. ounce.
Palladium fell 6.3% to $2,049.13 an ounce, in one session falling to its lowest level since January 2022 ($2,002 an ounce). For the whole week, the price of palladium fell 12%.
The dollar fell 0.2%, making gold cheaper to buy in other currencies.
Lowest aluminum price in 4 months
Aluminum prices fell to a four-month low, on demand concerns as production slowed, especially in China, the world’s top consumer.
Aluminum prices on the London floor fell 2.5% to $2,842/ton and had a sixth consecutive week of decline. In early trading, aluminum prices fell to $2,832/ton – the lowest level since January 5, 2022. Up to now, aluminum prices are down 30% since the beginning of March 2022.
Factory activity in China in April 2022 fell the most in 26 months, along with manufacturing activity in the US and the euro zone also decreased.
Iron ore and steel prices fall
Iron ore prices on the Dalian and Singapore exchanges fell more than 5%, as China stepped up its response to its tough Covid-19 policy that has affected economic activity, making traders more cautious.
Iron ore futures for September 2022 on the Dalian bourse fell 5.1% to 825 CNY ($123.47) per ton, after four rising sessions.
At the same time, the price of iron ore for June 2022 on the Singapore Exchange fell 5.4% to 137.45 USD/ton and had the 5th consecutive week of decline.
Spot price of 62% Fe iron ore to China was at $144.5/ton, unchanged from the previous week. Year-to-date, spot iron ore prices are up 18 percent, according to consulting firm SteelHome.
On the Shanghai Stock Exchange, prices for rebar, hot rolled coil and stainless steel all fell 3.7% each.
Rubber prices in Japan fell
The decline in rubber prices in Japan, following a downward trend in prices in the Shanghai market, while Tokyo’s core consumer prices rose at the fastest annual rate in seven years, weighed on the market.
The price of rubber for October 2022 term on the Osaka floor decreased by 1.8 JPY, or 0.7%, to 251.7 JPY (1.93 USD)/kg. For the whole week, rubber prices increased by 0.8%.
At the same time, the price of rubber for September 2022 on the Shanghai floor decreased by 140 CNY to 12,745 CNY (US$1,907.48)/ton.
Tokyo’s core consumer prices, considered a leading indicator of Japan’s price trends, rose 1.9 percent in April 2022 from the same month last year.
The lowest price of Arabica coffee in 6 months
Arabica coffee prices fell to a near six-month low, as a gloomy global economic outlook increased the prospect of falling demand.
The price of arabica coffee for July 2022 on the ICE floor fell 6.8 US cents, or 3.1%, to $2,1045/lb, in one session touching $2.1/lb – the lowest since May. 11/2021.
At the same time, the price of robusta coffee for July 2022 on the London floor decreased by 53 USD, or 2.5%, to 2,083 USD/ton, after rising to a 5-week high (2,159 USD/ton) in the previous session. .
Sugar prices increase
The price of raw sugar for July 2022 on the ICE floor increased 0.38 US cents, or 2%, to 19.16 US cents/lb.
At the same time, the price of white sugar for August 2022 on the London floor increased by 9 USD, or 1.7%, to 531.3 USD/ton.
Corn and soybean prices down, wheat up
Corn and soybean prices in Chicago fell, as rising interest rates and currency pressures weighed on US exports and forecasts of warm, dry weather in the US Midwest boosted the outlook for crop yields in the region. this area.
On the Chicago floor, the price of wheat futures in July 2022 increased by 2 US cents to 11.08-1/2 USD/bushel and had a weekly increase of 4.99%. Soybean futures for July 2022 fell 25 cents to $16.22 per bushel and corn for July 2022 fell 12-3/4 US cents to 7.84-3/4 dollars per bushel.
Palm oil prices fall
Palm oil prices in Malaysia fell more than 5% and had the biggest weekly decline in 7 weeks, due to a sharp increase in inventories as of the end of April 2022.
Palm oil futures for July 2022 on the Bursa Malaysia exchange fell 346 ringgit, or 5.12%, to 6,406 ringgit ($1,466.58) per tonne – the second consecutive session decline. For the whole week, palm oil prices fell 9.8% – the biggest weekly drop since March 18, 2022.
Malaysia’s palm oil inventories as of the end of April 2022 rose to their highest level since January 2022, up 5.2 percent month-on-month to 1.55 million tonnes. Palm oil production is expected to rise 4.9% to a five-month high (1.48 million tons), while exports are down 5.6% to 1.2 million tons.
Prices of some key items on the morning of May 7:
