Oil price drops 2 USD/barrel
Oil prices fell $2 a barrel, on concerns about fuel demand growing as the Covid-19 outbreak broke out in top crude importer China and concerns about the outcome of the midterm elections. in America.
Closing the session on November 8, Brent crude oil fell $2.56, or 2.6%, to $95.36 per barrel and West Texas Intermediate crude fell $2.88, or 3.14%, to 88. 91 USD/barrel.
In addition, oil prices fell when the American Petroleum Institute (API) said, US crude oil inventories in the week ended November 4, 2022 increased by 5.6 million barrels, higher than the increase of 1.1 million barrels. previously expected.
Market participants fear soaring inflation and rising interest rates could spark a global recession. Meanwhile, the EIA cut its energy demand outlook for 2023 and forecast next year US crude oil production to be 21% lower than previously expected.
Natural gas prices down 12%
Natural gas prices in the US fell 12%, due to less cold weather forecasts and lower heating demand through the end of November 2022 than previously expected.
The price of natural gas for December 2022 term on the New York Stock Exchange fell 80.6 US cents, or 11.6%, to 6,138 USD/mmBTU, in one session it fell 16% – the biggest drop since June 30. 2022. In the previous session, natural gas prices rose 9% to their highest since October 6, 2022.
Gold price up more than 2%
Gold prices rose more than 2% above $1,700 an ounce, as the dollar and US Treasury yields fell, while the market focused on US inflation data later this week.
Spot gold on the LBMA rose 2.4% to $1,714.23 an ounce and gold for December 2022 on the New York Stock Exchange rose 2.1% to $1,716 an ounce.
In early trading, the price of gold hit $1,716.82 an ounce – the highest since October 6, 2022 and up more than $100 an ounce since a more than two-month low ($1,615.59 an ounce) in the previous session. previous week.
The dollar index fell 0.5% to a near 2-week low against major currencies, making gold more attractive to buy in other currencies, along with US Treasury yields. 10-year term is also reduced.
Copper price increases
Copper prices rose, due to concerns about supply and a weakening dollar.
Copper prices on the London bourse rose 2.6% to $8,122.5 a tonne, after falling 2.2% in the previous session.
A decline in the dollar index also supported industrial metal prices higher, making greenback-denominated metals cheaper to buy in other currencies.
Copper stocks in London fell to a more than seven-month low, down 43% in the past month. At the same time, copper stocks in Shanghai touched 84,164 tonnes – not far from the record low (72,159 tonnes) in October 2022.
Iron ore price highest in 2 weeks, steel increased
Dalian iron ore prices rose to a two-week high, supported by expectations China would ease Covid-19 restrictions, despite fears of new coronavirus cases in some Chinese cities. The country rose and steel demand weakened.
Iron ore futures for January 2023 on the Dalian Exchange rose 2.6% to 680 yuan ($93.8) per tonne, after hitting the highest since October 24, 2022 (683 yuan per ton). .
At the same time, the price of iron ore for December 2022 on the Singapore Exchange increased by 2.1% to 87.95 USD/ton, increasing for the 6th consecutive session.
On the Shanghai trading floor, rebar price increased by 0.6%, hot rolled coil increased by 0.3%, coil increased by 0.6%, while stainless steel decreased by 1.3%.
Rubber prices in Japan continue to increase
Rubber prices in Japan increased, following the trend of rubber prices in Shanghai increasing and the domestic stock market increasing strongly, along with the market was optimistic due to the expectation that the Chinese economy would reopen despite the number of Covid-19 cases have recently increased.
The price of rubber for April 2023 on the Osaka floor increased by 5 JPY, or 2.3%, to 219.5 JPY (1.5 USD)/kg.
At the same time, the price of rubber for January 2023 on the Shanghai floor increased by 310 CNY to 12,590 CNY (US$1,738)/ton.
The price of rubber for December 12, 2022 on the Singapore floor increased by 1.7% to 128.8 US cents/kg.
Lowest price of Arabica coffee in 15 months
Arabica coffee prices on the ICE exchange hit a new 15-month low, due to concerns about weak demand, especially in Europe, while inventories increased.
The price of arabica coffee for March 2023 on the ICE floor fell 1.8% to $ 1.6325 / lb, in the session at one point touched $ 1,618 / lb – the lowest in 15 months.
At the same time, the price of Robusta coffee in January 2023 on the London floor decreased by 0.9% to 1,834 USD/ton.
Sugar prices increase
The price of raw sugar in March 2023 on the ICE floor increased 0.8% to 18.82 US cents/lb.
At the same time, the price of white sugar for December 2022 on the London floor increased by 0.6% to 533.9 USD/ton.
Soybean, corn and wheat prices all fell
Grain and soybean prices in the US fell, ahead of the release of US harvest forecasts and traders’ assessment of demand in China, the world’s top soybean importer.
On the Chicago Mercantile Exchange, wheat prices fell 17-1/4 US cents to 8.28-1/2 USD/bushel. Corn prices fell 9 US cents to 6.66-3/4 USD/bushel – the lowest since September 29, 2022. Soybean prices fell 3-1/4 US cents to $14.47 per bushel, having risen to their highest since September 22, 2022 in the previous session.
Palm oil prices fell 1.5%
Palm oil prices in Malaysia fell more than 1%, falling for the first time in three sessions, on concerns about demand in the main consumer – China – falling, amid Covid-19 restrictions.
Palm oil futures December 2022 on the Bursa Malaysia exchange fell 65 ringgit, or 1.5%, to 4,368 ringgit ($922.69) per ton.
The global palm oil outlook remains uncertain, with strict pandemic policies in the main importing country – China – weighing on demand, while higher energy prices and falling output have supported prices. palm oil.
Prices of some key items on the morning of 9/11:
