The highest oil price in 9 months
Oil prices rose to a 9-month high due to optimism about the progress of a financial stimulus agreement in the US and a record high demand for refining in China and India.
Closing the session on December 17, Brent crude oil rose 42 US cents to 51.5 USD / barrel, in the session at 51.9 USD / barrel and West Texas WTI crude oil increased 54 US cents to 48.36 USD. / barrel, sometimes reaching 48.59 USD / barrel. Both oils reached their highest levels since the beginning of March 2020.
Lawmakers are closer to the $ 900 billion corona virus bailout package deal. The dollar hit a 2.5-year low compared to other major currencies. As a result, the price of crude oil is priced in a greenback cheaper than it is when buying in another currency.
In addition, oil prices supported by US crude inventories fell 3.1 million barrels in the week to December 11, 2020, down sharply from analyst expectations for a 1.9 million barrel drop.
Natural gas prices continued to decline
US natural gas prices fell, due to more mild weather forecasts and lower demand for heating next week.
The price of natural gas in January 2021 on the New York floor fell 4.1 US cent, equivalent to 1.5% to 2,636 USD / mmBTU – the lowest since December 11, 2020.
Gold price highest 1 month
Gold prices rose more than 1% to a 1-month high as the dollar fell on expectations of the corona virus bailout and the US Federal Reserve pledged to provide more cash into the economy and keep interest rates low. short.
Spot gold on LBMA increased 1.1% to 1,885.37 USD / ounce, in the beginning of the session, it reached 1,895.81 USD / ounce – the highest one month and the gold futures for February 2021 on the New York floor increased 1 , 7% to 1,890.4 USD / ounce. Up to now, the price of gold has increased by more than 24%.
Copper prices remain the highest for nearly 8 years, aluminum higher than 2 years, tin higher than 1.5 years
Copper prices rose to the highest level of nearly eight years, due to the decline in world copper reserves, the US Federal Reserve pledged to pump more money into the market and raised expectations of the US stimulus package this week.
Copper futures price on the London floor increased 1% to 7,915.5 USD / ton, close to the level in the session on 11/12/2020 (7,973.5 USD / ton) – the highest since February 2013.
Copper reserves in London hit 127,725 tons – the lowest since September 2020 and Shanghai copper inventories hit 82,092 tons – the lowest since 2014, Comex copper inventories hit 78,084 tons – the lowest since May. 6/2020.
Aluminum prices on the London floor increased 1% to $ 2,055.5 / ton, earlier in the session reached $ 2,096 / ton – the highest since October 2018.
Tin prices on the London floor rose 0.3% to $ 19,980 / ton, earlier in the session increased to more than $ 20,000 / ton – the first time since April 2019.
Iron and steel ore prices both increased
Steel prices in China rose for the second consecutive session, supported by a strong growth in demand in 2021 and iron ore prices on the Dalian floor exceeding CNY 1,000 / ton mark.
On the Shanghai floor, rebar price increased 1.7% to 4,175 CNY (638.94 USD) / ton, hot rolled coil price increased 1.1% to 4,446 CNY / ton. Stainless steel prices fell 0.4%.
The China Automobile Manufacturers Association expects car sales in the world’s largest market next year to increase to 26.3 million units, thanks to government support policies and home discounts. car manufacturing.
Iron ore futures price in May 2021 on the Dalian floor increased by 2.6% to 1,026.5 CNY / ton. Iron ore futures price in January 2021 on the Singapore floor increased 0.7% to 155.8 USD / ton.
Rubber prices rose again
Rubber prices on the Osaka floor increased on the expectation of financial stimulus measures of the US and the Federal Reserve pledged to keep interest rates low, boosting optimism about the recovery of the global economy.
The price of rubber in May 2021 on the Osaka floor increased by 3.5 JPY equivalent to 1.5% to 244 JPY (2.4 USD) / kg.
At the same time, the price of rubber in May 2021 on the Shanghai floor increased by 85 CNY to 14,620 CNY / ton.
The Fed has said it will continue its low-interest policy policy, while US lawmakers are closer to agreeing an additional $ 900 billion Covid-19 aid.
Coffee prices decreased in Vietnam, remained unchanged in Indonesia and New York, and increased in London
The Vietnamese coffee market traded slowly but supplies remained firm, due to favorable weather supporting the coffee picking and drying, while the Indonesian market had quiet trading due to low stock levels.
The price of Vietnam’s export Robusta coffee (category 2, 5% black & broken) is offered plus $ 95-110 / ton compared to the March 2021 futures contract on the London floor, down from plus 110- 120 USD / ton 1 week ago. In the domestic market, coffee beans are sold at prices ranging from 33,000-33,400 VND (1.43-1.45 USD) / kg, up from 31,500-32,000 VND / kg 1 week ago and according to the trend of coffee prices on the London floor increases.
Vietnam’s coffee exports in November 2020 decreased by 8.4% compared to October 2020 to 83,730 tons.
Rabobank expects Vietnam’s coffee production in the 2021/22 crop year to increase 5% to 30.3 million bags (60 kg).
In Indonesia, the price of Robusta coffee type 4 (80 defective beans) offered for sale at plus 230 USD / ton compared with the term contract in March 2021 and 270 USD / ton compared with the contract term 4/2021 on the floor London, both are unchanged from a week ago.
In New York, Arabica coffee price 3/2021 term maintained at 1,265 USD / lb.
Agents said, US green coffee inventories fell sharply than expected to a 5-year low earlier this week, also supporting coffee prices during the week to rise.
In London, the price of Robusta coffee in March 2021 increased by 9 USD, equivalent to 0.6% to 1,387 USD / ton.
Sugar prices increase
Sugar prices increased as the dollar hit a 2-year low compared to other major currencies.
Raw sugar futures in March 2021 on ICE increased 0.19 US cent or 1.3% to 14.68 cents / lb, recovering from a 6-week low (14.09 US cent / lb). in the beginning of this week.
At the same time, the price of white sugar delivered for the same period on the London floor increased by 4.6 USD, equivalent to 1.15%, to 403.4 USD / ton.
In addition, UK-backed sugar prices allow 260,000 tons of raw sugar to be imported duty-free by 2021, when the country built an independent trade policy – for the first time – in nearly 50 years.
Prices of soybeans, wheat and corn all increased
Soybean and corn prices in the US rose, with soybeans rising above the $ 12 / bushel mark and hitting a new 4.5-year high after US weekly exports surged.
On the Chicago floor, soybean futures prices in January 2021 rose 17-1 / 2 US cents to 12.01-1 / 4 USD / bushel, corn prices in March 2021 increased 5-1 / 4 US cents to 4.32-1 / 2 USD / bushel. The price of soft red wheat, the winter term in March 2021 increased by 10-1 / 4 US cent to 6.08-3 / 4 USD / bushel.
Demand for American goods increased, sparking concerns about the South American harvest, tightening global supply due to uncertain weather prospects, as crops are in the development phase.
Wheat prices on the Chicago floor increased, surpassing an important threshold of $ 6 / bushel due to improved export prospects by a weakening USD and recently announced Russian export tax.
Rice prices in Vietnam are the highest in 9 years, Thailand’s highest for nearly 4 months
Rice export prices in Vietnam increased to the highest level since December 2011, due to the shortage of containers pushing freight rates up and Thai rice prices rising to the highest level in nearly 4 months.
For the 5% broken type, the price of Vietnamese rice has increased to 500 USD / ton- high since December 2011, compared to 470-490 USD / ton a week ago.
The cost of transporting a 20-foot container to Africa rose to $ 5,000 from $ 1,500 a few months earlier.
Vietnam will not meet the export target of 6.5 million tons of rice this year. According to Customs data, Vietnam’s rice exports in the first 11 months of 2020 fell 2.9% to 5.7 million tons.
In Thailand, the price of 5% broken rice increased to 500-519 USD / ton from 485-516 USD / ton the previous week, due to concerns about supply and logistics.
Thailand’s rice exports in the first 10 months of 2020 fell 31 percent from the same period last year to 4.49 million tons, the Thai Rice Exporters Association said.
In India – the leading rice exporter, the price of 5% broken rice is at 380-385 USD / ton, up from 378-383 USD / ton in the previous week, due to strong demand and high rupee. almost 2 months.
Palm oil prices continued to rise
Palm oil prices in Malaysia rose for the second consecutive session, as other vegetable oils on the Dalian floor and Chicago rose sharply, but the rise of the ringgit limited the rise.
Palm oil futures price in March 2021 on Bursa Malaysia increased 12 ringgit, equivalent to 0.4% to 3,377 ringgit / ton.
Prices of some key items on the morning of December 18
