Oil prices up 2%
Oil prices rose 2% but had a weekly decline, as investors worried about the possibility of an economic slowdown causing demand to fall, even as global fuel supplies remained tight.
Closing the session on July 8, Brent crude rose $2.37, or 2.3%, to $107.02 a barrel and West Texas Intermediate crude rose $2.06, or 2%, to $104.79. /bin. For the whole week, Brent oil prices fell 4.1% and WTI fell 3.4%. In the session on July 4, 2022, the price of Brent oil fell by 10.73 USD – the third biggest drop since 1988.
Oil prices rose in the first half of 2022, with Brent near a record high ($147 per barrel), following the Russia-Ukraine conflict in February 2022, fueling supply concerns.
Natural gas prices down 4%
U.S. natural gas prices fell 4%, after rising more than 14% in the previous session, as output growth slowed and demand forecasts for next week were lower than previously expected.
The price of natural gas for August 2022 on the New York Stock Exchange fell 26.3 US cents, or 4.2%, to $6,034 per mmBTU. Closing the previous session, natural gas prices hit their highest levels since June 29, 2022. For the whole week, natural gas prices increased 5% after falling 35% in the previous 3 weeks, mainly due to the Freeport incident.
Since the beginning of the year, the price of natural gas has increased by 62%, due to the increase in gas prices in Europe and Asia, boosting the demand for liquefied natural gas (LNG) exports in the US, especially since the recent World War. The conflict between Russia and Ukraine on February 24, 2022, raised concerns that Moscow would cut gas supplies to Europe.
Gold price increases
Gold prices rose but had a fourth consecutive week of decline, influenced by a stronger dollar and stable US employment data.
Spot gold on the LBMA rose 0.1% to $1,741.94 an ounce. For the whole week, gold prices fell 3.7% – the biggest weekly decline since mid-May 2022. Gold futures for August 2022 on the New York Stock Exchange rose 0.2% to $1,742.3 an ounce.
U.S. job growth in June was stronger than expected and the unemployment rate remained near pre-pandemic lows, prompting the Federal Reserve to post another 75 basis point increase later this month. .
Copper prices remain stable
Copper prices remained stable, as the positive impact of a weaker dollar on industrial metal consumption offset demand concerns in the top consumer – China.
Copper prices on the London floor changed slightly at $7,809/ton and had a fifth consecutive week of decline. So far, the price of copper is down nearly 30% since its record high ($10,845/ton) in March 2022.
Iron ore prices in China increased, steel fell
Iron ore prices in Singapore fell and had a weekly decline, as the market focused on Covid-19 restrictions in the world’s top steel producer – China, overshadowing optimism about economic stimulus measures. in this country.
The price of iron ore for August 2022 on the Singapore Exchange fell 1% to 112.45 USD/ton and had the 4th consecutive week of decline in 5 weeks.
Meanwhile, the price of iron ore for September 2022 on Dalian bourse increased by 0.7% to 755.5 CNY/ton, sometimes reaching 782 CNY/ton.
On the Shanghai Stock Exchange, rebar prices fell 0.8%, hot rolled coil decreased 0.4%, while stainless steel increased 2.1%.
Rubber prices in Japan fell
Rubber prices in Japan fell, after former Japanese Prime Minister Shinzo Abe was shot while campaigning for a parliamentary election.
The price of rubber for December 2022 on the Osaka floor decreased by 0.1 JPY to 247.7 JPY (1.82 USD)/kg. For the whole week, rubber prices decreased by 3.1%.
Meanwhile, the price of rubber for September 2022 on the Shanghai trading floor increased by 10 CNY to 12,675 CNY (US$1,890.75)/ton.
Coffee prices increase
The price of arabica coffee for September 2022 on ICE rose 1.55 US cents, or 0.7%, to $2.2045/lb, after hitting a 1.5-month low ($2,151/lb). pressured by concerns that demand may decline.
At the same time, the price of robusta coffee for September 2022 on the London floor increased by 37 USD, or 1.9%, to 1,981 USD/ton.
Sugar prices increase
The price of raw sugar on the ICE floor increased by nearly 3%, due to strong demand along with tight global supply.
Crude sugar futures for October 2022 on ICE rose 0.5 US cents, or 2.7%, to 19.02 US cents/lb, recovering from a 4-month low (17.71 US cents/lb). in session on 4/7/2022.
At the same time, the price of white sugar in August 2022 on the London floor increased by 13.9 USD, or 2.5%, to 568.9 USD/ton.
Wheat prices up 6%, soybeans and corn up
Chicago wheat prices rose 6.6%, rebounding from a four-month low this week, on easing fears of a global recession and signs of fresh import demand.
On the Chicago Mercantile Exchange, wheat prices rose 55 US cents to $8.91-1/2 per bushel – the highest since July 1, 2022. Corn prices rose 27-1/4 US cents to 6.23-1/2 USD/bushel and soybean prices increased 31 US cents to 13.96-1/2 USD/bushel.
Palm oil prices rise
Palm oil prices in Malaysia rose for a second session in a row, as easing concerns about an economic downturn boosted prices, but palm oil prices had a strong week of declines.
Palm oil futures September 2022 on the Bursa Malaysia exchange rose 23 ringgit, or 0.56%, to 4,163 ringgit ($940.79) per ton. For the whole week, palm oil prices fell 11.6% – the fourth consecutive decline in 5 weeks, due to the forecast of palm oil inventories in June 2022 and exports from Indonesia increased.
Prices of some key items in the morning of July 9
