Lowest oil price in 6 months
Oil prices fell to a six-month low, as investors worried about slowing energy demand in the US and China, along with output from the US remaining near record highs.
Closing the trading session on December 7, Brent crude oil decreased 25 US cents to 74.05 USD/barrel and West Texas WTI crude oil decreased 4 US cents to 69.34 USD/barrel. Both oils hit their lowest levels since late June 2023. Thus, oil prices have decreased by about 10% since OPEC+ announced a voluntary production cut of 2.2 million barrels/day in the first quarter of 2024.
Data from the US Energy Information Administration shows that oil production in the US is still near a record high, more than 13 million barrels per day (bpd).
At the same time, US gasoline inventories last week increased by 5.4 million barrels to 223.6 million barrels, more than 5 times the expected increase of 1 million barrels.
Natural gas prices in the US increased
U.S. natural gas prices rose about 1% from a three-month low in the previous session, due to lower than expected inventories, reduced daily production and record deliveries to gas export plants. liquefied natural gas (LNG).
The price of natural gas futures in January 2024 on the New York stock exchange increased by 1.6 US cents, equivalent to 0.6%, to 2,585 USD/mmBTU. In the previous session, natural gas prices hit their lowest level since September 6, 2023.
Gold prices continue to increase
Gold prices rose, as the dollar weakened ahead of US non-farm payrolls data, as traders hoped signs of a softening labor market would boost the chances of a US Federal Reserve interest rate cut next year. early March 2024.
Spot gold on the LBMA floor increased 0.3% to 2,029.92 USD/ounce, while gold futures for February 2024 on the New York floor decreased 0.1% to 2,046.4 USD/ounce.
Copper prices increased, aluminum prices were lowest in more than 3 months, zinc lowest in more than 1 month, lead lowest in 6 months
Copper prices on the London exchange rose, breaking a streak of declines for three consecutive sessions, boosted by strong Chinese export data and a weakening dollar, but gains were limited by other factors.
Copper price delivered after 3 months on the London exchange increased 0.7% to 8,343.5 USD/ton.
However, since the beginning of the year, copper prices are down 0.3%, due to uneven post-pandemic recovery in the top metal consumer – China, concerns about economic growth elsewhere and high interest rates.
Meanwhile, aluminum prices on the London exchange decreased 0.6% to 2,135 USD/ton, after hitting the lowest level since August 21, 2023 (2,131 USD/ton).
Zinc prices decreased 1% to 2,404 USD/ton – the lowest since November 1, 2023.
Lead prices decreased 0.5% to 2,019.5 USD/ton, after touching 2,016 USD/ton – the lowest since June 8, 2023.
Iron ore and steel prices continue to increase
Dalian iron ore prices rose, as market participants reacted to positive updates from major producing countries and strong demand.
January 2024 iron ore futures price on Dalian exchange increased 3.1% to 945 CNY (131.95 USD)/ton.
At the same time, iron ore futures price in January 2024 on the Singapore floor increased 0.5% to 131.65 USD/ton.
China’s iron ore imports in the first 11 months of 2023 increased by 6.2% over the same period last year, to 1.1 billion tons, of which imports in November 2023 increased by 3.4% over the previous month .
On the Shanghai floor, the price of rebar increased by 1.6%, hot-rolled steel coil increased by 2.5%, steel coil increased by 1.3% and stainless steel increased by 1.1%.
Rubber prices in Japan decreased
Rubber prices in Japan fell, pressured by a strong JPY and crude oil prices falling to their lowest level in nearly 6 months, but the decline was limited by China’s positive export data.
Rubber futures price for May 2024 on the Osaka floor decreased by 2.9 JPY, equivalent to 1.2%, to 240.6 JPY (1.64 USD)/kg.
Meanwhile, the May 2024 rubber futures price on the Shanghai floor increased by 150 CNY, equivalent to 1.1%, to 13,370 CNY (1,867.94 USD)/ton.
Rubber futures price for January 2024 on the Singapore exchange decreased 0.1% to 141.5 US cents/kg.
China’s exports in November 2023 increased – for the first time – in 6 months, showing that factories in the world’s second largest economy attracted customers through price discounts, when demand dropped. lengthen.
Coffee prices remained unchanged in Vietnam and Indonesia, increasing in New York and London
Coffee prices in Vietnam increased, due to high demand and limited supply, when the harvest had not yet reached its peak, while coffee prices in Indonesia remained unchanged before the end of the season.
Vietnam’s export robusta coffee price (type 2, 5% black & broken) offered at the same level as the March 2024 futures contract on the London floor. In the domestic market, green coffee was sold for 59,900-60,500 VND (2.47-2.49 USD)/kg, a slight increase compared to 57,800-59,000 VND/kg a week earlier.
In Indonesia, the price of type 4 robusta coffee (80 defective beans) was offered at an additional 600 USD/ton compared to the January 2024 futures contract on the London floor, unchanged from a week earlier.
In New York, Arabica coffee futures in March 2024 increased by 2.25 US cents, equivalent to 1.3%, to 1,775 USD/lb, after decreasing by 4.6% in the previous session.
In London, robusta coffee futures price in January 2024 increased 1% to 2,589 USD/ton.
Sugar prices increased
Raw sugar futures price for March 2024 on ICE increased 0.1% to 23.03 US cents/lb, after falling to the lowest level in 4 months (22.8 US cents/lb).
At the same time, the price of white sugar futures in March 2024 on the London exchange increased 0.4% to 646.1 USD/ton.
Soybean, wheat and corn prices increased
Soybean prices in the US increased due to increased new export sales and the prospect of new Argentine President Javier Milei devaluing the national currency after he took office this weekend.
On the Chicago floor, soybean futures prices in January 2024 increased by 16-1/4 US cents, equivalent to 1.3%, to 13.11-3/4 USD/bushel. Corn futures prices for March 2024 increased by 3-3/4 US cents, equivalent to 0.8%, to 4.88 USD/bushel. Wheat futures price in March 2024 increased by 8-3/4 US cents, equivalent to 1.4%, to 6.42-1/4 USD/bushel.
Rice prices decreased in India and Thailand, but remained unchanged in Vietnam
Parboiled rice export prices from top hub India fell, as demand fell even as the top exporter faced disruption at a major port due to storms, while rice prices in Thailand and Vietnam higher.
In India – the leading rice exporter, the price of 5% broken rice decreased to 497-505 USD/ton, compared to 500-507 USD/ton a week earlier.
For 5% broken rice, the price of Vietnamese rice is at 655-665 USD/ton, unchanged from a week ago.
In Thailand, the price of 5% broken rice decreased slightly to 620-625 USD/ton compared to 630 USD/ton a week earlier, due to demand shifting to other Southeast Asian countries.
Palm oil prices fell for the fifth consecutive session
Palm oil prices in Malaysia fell for the fifth consecutive session – the longest falling streak since mid-September 2023, following the trend of other vegetable oil prices and falling crude oil prices, but the weakening ringgit limited the price decline. .
Palm oil futures price for February 2024 on Bursa Malaysia decreased by 20 ringgit, equivalent to 0.54%, to 3,699 ringgit (791.74 USD)/ton. In the early trading session, it touched 3,641 ringgit/ton – the lowest in more than 6 weeks.
Prices of some key items on the morning of December 8
