Price oil increase nearly 3%
Oil prices increased more than 2 USD/barrel and left the chain of falling for 3 consecutive sessions, due to the risk of risk returning to the financial market after 1 day the Federal Reserve kept the basic interest rate unchanged.
Closing the trading session on November 2, Brent crude oil increased by 2.22 USD or 2.6% to 86.85 USD/barrel and West Texas Intermediate crude oil WTI increased by 2.23 USD or 2.8% to 82, 67 USD/barrel.
On the supply side, the world’s top oil exporter – Saudi Arabia – is expected to reconfirm the extension of voluntary oil production cuts of 1 million barrels/day until December 2023. Meanwhile, investors will also monitor developments in the Middle East – where the oil market faces the risk of widespread conflict that could disrupt supply in this region.
Natural gas prices reduce first%
Natural gas prices in the US fell 1%, as production hit a record high and forecasts of milder weather and lower heating demand next week than previously expected.
Natural gas futures price for December 2023 on the New York floor decreased by 2.2 US cents, equivalent to 0.6%, to 3,472 USD/mmBTU.
Gold price increases
Gold prices rose, as the dollar and US Treasury yields fell, on increased bets the US Federal Reserve could complete an interest rate hike, while investors waited for non-payroll data. US agriculture for more signals.
Spot gold on the LBMA floor increased 0.2% to 1,985.69 USD/ounce and gold futures for December 2023 on the New York floor increased 0.3% to 1,993.5 USD/ounce.
Gold prices rose, as the USD index fell 0.7% and the 10-year US Treasury yield fell to its lowest level in nearly 3 weeks.
In October 2023, gold prices increased more than 7% and exceeded 2,000 USD/ounce last week, due to the need for a safe haven amid increasing instability in the Middle East.
Price copper increase
Copper prices increased due to expectations that the US Federal Reserve would stop raising interest rates, pulling the USD down.
Copper price delivered after 3 months on the London exchange increased 0.6% to 8,155 USD/ton, recovering since hitting an 11-month low (7,856 USD/ton) on October 23, 2023.
Iron ore and rebar prices increased
Iron ore prices on the Dalian exchange increased for the second consecutive session, due to increasing demand for steelmaking raw materials, but the increase was slowed by the risk of reduced demand in the top consuming country – China.
January 2024 iron ore futures price on Dalian exchange increased 1.59% to 926.5 CNY (126.59 USD)/ton – highest since March 15, 2023, after increasing 2.51% in the previous session.
At the same time, the iron ore futures price for December 2023 on the Singapore exchange increased by 0.84% to 122.5 USD/ton – the highest since September 18, 2023.
According to analysts, low inventories, solid demand, wide spreads between spot and futures prices as well as improved trends from China’s stimulus policy continue to support iron ore prices.
On the Shanghai floor, rebar prices increased by 0.37%, hot rolled steel coils changed slightly, steel coils decreased by 0.25%, but stainless steel increased by 0.31%.
Rubber prices in Japan continue to increase
Rubber prices in Japan rose, boosted by a weakening JPY and rising crude oil prices, but weak Chinese economic data limited gains.
Rubber futures price for April 2024 on the Osaka floor increased by 2.4 JPY, equivalent to 0.9%, to 258.6 JPY (1.72 USD)/kg.
At the same time, the price of rubber futures in January 2024 on the Shanghai floor increased by 60 CNY, equivalent to 0.4%, to 14,210 CNY (1,941.63 USD)/ton.
Rubber futures price for December 2023 on the Singapore exchange increased 0.6% to 145.1 US cents/kg.
Coffee prices decreased in Vietnam, increased in Indonesia, New York and London
Vietnam’s coffee inventories increased, as farmers began to enter the harvest season but supply was still limited.
Vietnam’s export robusta coffee price (type 2, 5% black & broken) is offered at an additional 200-250 USD/ton compared to the January 2024 futures contract on the London floor, but there is only a purchase agreement. at plus 150-160 USD/ton. In the domestic market, green coffee was sold for 57,700-59,000 VND (2.35-2.4 USD)/kg, down from 59,600-61,400 VND/kg a week earlier.
Vietnam’s coffee exports in the first 10 months of 2023 decreased by 9.5% over the same period last year to 1.3 million tons, equivalent to 22 million bags (60 kg).
In Indonesia, the price of type 4 robusta coffee (80 defective beans) was offered at an additional 560 USD/ton compared to the January 2024 futures contract on the London floor, an increase of 80 USD compared to a week earlier.
In New York, the price of Arabica coffee futures in December 2023 increased by 5.55 US cents, equivalent to 3.5% to 1.6535 USD/lb.
In London, the price of robusta coffee futures in January 2024 increased by 16 USD, equivalent to 0.7%, to 2,328 USD/ton.
Sugar prices move in opposite directions
Raw sugar futures price for March 2024 on ICE exchange changed slightly at 27.48 US cents/lb.
Meanwhile, the price of white sugar futures in December 2023 on the London exchange decreased 0.6% to 745 USD/ton.
Wheat and soybean prices increased, corn prices decreased
Soybean prices in the US rose after China said imports would remain at a record high this year, while weather remained a concern in Brazil.
On the Chicago floor, wheat futures price in December 2023 increased by 3-3/4 US cents to 5.65-1/2 USD/bushel, while corn futures price in December 2023 decreased by 5 US cents to 7,000 USD/bushel. 7 USD/bushel. Soybean futures prices for January 2024 increased by 13-1/4 US cents to 13.28-1/4 USD/bushel.
Rice prices decreased in India, increased in Vietnam
Parboiled rice export prices at the leading hub – India – decreased for the fifth consecutive week, due to excess new supply, a weak rupee and reduced demand after New Delhi’s move to extend taxes on this type of rice. .
In India – the leading rice exporter, the price of 5% broken rice decreased to 490-500 USD/ton, compared to 495-505 USD/ton a week earlier.
Earlier this month, India extended the 20% tax on parboiled rice exports until March 2024.
For 5% broken rice, the price of Vietnamese rice is at 650-655 USD/ton, up from 640-645 USD/ton a week earlier.
Thailand expects rice exports to reach 8 million tons this year, boosted by rising global demand and a weakening baht.
Palm oil price increases more than 2%
Palm oil prices in Malaysia increased and had the strongest increase in 3 weeks, after the leading producer – Indonesia – confirmed the expansion of export controls, but a decrease in India’s vegetable oil imports limited the momentum. increase.
Palm oil futures price for December 2023 on Bursa Malaysia increased by 92 ringgit, equivalent to 2.5%, to 3,780 ringgit (795.79 USD)/ton.
Prices of some key items on the morning of September 3 11
