Gold increased
Gold prices rose slightly on Thursday as the US dollar fell, but trading was light amid the Thanksgiving holiday and uncertainty surrounding the Federal Reserve’s interest rate path.
Spot gold ended the session up 0.1% to 1,991.79 USD/ounce, December gold futures were steady at 1,993.30 USD.
The factor supporting gold is that the dollar fell 0.1% against a basket of other major currencies. US 10-year Treasury yields closed at a two-month low on Wednesday.
Falling interest rates reduce the opportunity cost of holding gold.
Dong increased
Copper prices rose in London on Thursday as a weakening dollar boosted demand for the dollar-denominated metal from buyers using Chinese yuan and other currencies.
Copper delivered three months later on the London Metal Exchange ended the session up 0.7% to 8,409.5 USD/ton.
The appreciation of the yuan against the dollar has supported the purchasing power of Chinese traders in the international market. The yuan hovered around a four-month high against the dollar on Thursday.
Oil down 1%
Oil prices fell about 1% on Thursday, extending losses on speculation OPEC+ may not cut production further next year after the producer group postponed its policy meeting.
Trading activities were delayed due to the US Thanksgiving holiday.
Brent crude oil ended the session down 68 cents, or about 0.8%, to $81.28/barrel. US West Texas Intermediate crude fell 75 US cents, or 1%, to $76.35.
OPEC+ sources said producers were having difficulty agreeing on output levels ahead of the meeting, suggesting that the disagreement largely involved African nations. Specifically, Angola and Nigeria are planning to increase production.
Iron ore decreased
Iron ore prices fell on Thursday due to intervention from the Chinese government to curb a recent price surge, although an improving demand outlook limited the decline.
December iron ore futures prices on the Singapore Exchange decreased 1.46% to 132.7 USD/ton after reaching a 9-month high a day earlier.
The most traded iron ore – January futures – on China’s Dalian Commodity Exchange (DCE) ended the session down 0.86% to 976.5 yuan ($135.42)/ton .
Steel prices also fell this session, with rebar down 1.3%, hot-rolled coil down 0.22%, bar steel virtually unchanged and stainless steel down 0.99%.
China’s state planning agency said on Thursday it would closely monitor changes in the iron ore market and further tighten supervision of spot and futures trading.
Wheat decreased
French wheat futures on Euronext fell on Thursday, remaining near a about 5-1/2-month low as a strong euro weighed on exports during the US holiday.
March milling wheat futures prices on Euronext – based in Paris – decreased 0.4% to 228.75 euros (249.50 USD) a ton. Before that, there were times when the price hit Tuesday’s low of 228.50 euros, which was the lowest since May 31.
The euro was light against the dollar, near a three-month high. Markets are sensitive to the strength of the euro because prices in Black Sea region export markets, especially Russia, are very low.
Cheaper Russian wheat supplies and expanding grain flows through the maritime corridor from Ukraine have pressured European wheat markets this month.
Cocoa rose
Cocoa prices continue to rise after hitting recent record highs as supplies remain tight.
Cocoa on the London exchange (March futures) increased 0.3% to 3,461 pounds/ton; Cocoa delivered at the same term on the New York floor ended the most recent session (Wednesday) down 0.8% to 4,084 USD/ton.
Coffee reduced
Robusta coffee futures price in January decreased by 0.9% to 2,491 USD/ton.
In Asia, domestic prices in the world’s top Robusta coffee producer – Vietnam – were little changed over the past week, with output from the new harvest yet to increase while lack of sunlight is hindering drying fresh coffee.
Rubber reduced
The Malaysian rubber market ended Thursday’s trading session with a decrease in price amid a downward trend in the futures market in the region.
Malaysian Rubber Board (MRB) Standard Malaysian Rubber 20 (SMR 20) price fell 1.5 sen to 678.5 sen/kg (kg), while latex price was firm at 544.0 sen/kg .
Sugar increases
White sugar futures prices on the ICE exchange rose on Thursday due to blockages in sugar exports from Brazil.
White sugar futures price in March last session increased 0.7% at 746.10 USD/ton.
There is still a large amount of sugar from the world’s top producer – Brazil – waiting to be exported, while signs are that the second largest producer – India – may relax its ethanol blending target due to the crop. extremely poor sugarcane.
Monthly raw sugar futures closed 1.9% lower at 27.22 cents/lb on Wednesday as the market extended its retreat from a 12-year high set this month.
Prices of some key items on the morning of November 24:
