Oil prices rose again
Oil prices rose, driven by a weak dollar and rising data from China, but the increase was limited due to concerns about global oil demand due to rising corona virus cases in Europe and higher New restriction in China.
Closing the session on January 14, Brent crude rose 36 US cents, or 0.6%, to 56.42 USD / barrel and West Texas WTI crude oil increased 66 US cents, or 1.3%, to 53.57 USD. /bin.
The increase in oil prices was supported by the falling dollar index, after US Federal Reserve Chairman Jerome Powell said the Bank of America would not raise interest rates anytime soon. A weak greenback makes oil bought in USD cheaper when buying in other currencies.
China’s crude oil imports in 2020 rose 7.3%, with record highs in the second and third quarter of 2020, as refineries expanded and low oil prices encouraged inventories. .
The Organization of the Petroleum Exporting Countries (OPEC) kept its global oil demand forecast unchanged and said oil use would increase by 5.9 million barrels a day this year to 95.91 million barrels a day, after falling a record 9.75 million barrels a day last year due to the pandemic.
The lowest natural gas price is 1 week
Natural gas prices in the US dropped to a one-week low, due to milder weather forecast and less heating demand in the next 2 weeks compared to the previous forecast.
The price of natural gas in February 2021 on New York floor decreased 6.1 US cent, equivalent to 2.2%, to 2,666 USD / mmBTU – the lowest since 4/1/2021.
Gold prices increase
Gold prices rose following comments from US Federal Reserve chairman Jerome Powell raising expectations for a lower interest rate environment, while the prospect of US stimulus measures made gold attractive. and is considered to prevent inflation.
Spot gold on the LBMA floor rose 0.3% to $ 1,848.22 / ounce, while it increased by 0.8% in the session, while the February 2021 gold period on New York dropped 0.2% to 1,851. 4 USD / ounce.
Following Powell’s comments, a falling dollar index makes gold cheaper to buy with other currencies.
US President-elect, Joe Biden will announce a proposed stimulus package can exceed $ 1.5 trillion.
Copper price highest 8 years, nickel highest more than 1 year
Copper prices rose, due to the prospect of larger US economic stimulus measures supporting Wall Street’s stock market to a record high, but the dollar rose and a corona virus outbreak in China – pepper largest metal consumption – has limited momentum.
Copper prices on the London floor rose 0.7% to $ 8,065 / ton, just lower than the peak of last week ($ 8,238 / ton) – the highest since February 2013.
Industrial output in China increased, government and central bank stimulus measures and speculative buying pushed copper prices up 26% in 2020. However, the dollar this month rebounded. making copper more expensive for customers outside the US, putting pressure on copper prices, said ING analyst Wenyu Yao.
Tightened supply could push copper prices up to an average of $ 9,500 / ton in Q4 / 2021, Bank of America analysts said.
China’s exports in December 2020 increased more than expected. The country’s imports of copper and iron ore in 2020 hit record highs, while aluminum exports fell.
The price of nickel on the London floor increased by 3.4% to $ 18,275 / ton – an unprecedented high since September 2019. Decommissioning operations at some Philippine mines has supported nickel prices. China’s refined nickel production will increase by 1.4% by 2020, according to Antaike researchers.
Iron ore prices continue to rise, steel increases
Iron ore prices in China rose for a second consecutive session, driven by additional demand for steel mills’ reserves.
Iron ore futures price in May 2021 on the Dalian floor increased 1.6% to 1,055 CNY (163.09 USD) / ton.
Spot 62% Fe iron ore to China was unchanged at $ 171.5 / ton, consulting firm SteelHome said.
On the Shanghai floor, the price of rebar increased 0.1% to 4,294 CNY / ton and the price of stainless steel in March 2021 increased by 0.1% to 13,935 CNY / ton, but the price of hot rolled coil decreased by 0.02 % down to 4,429 CNY / ton.
China’s iron ore imports in 2020 hit a record high of 1.17 billion tons, but imports in December 2020 decreased as foreign markets gradually recovered.
Rubber prices in Japan decreased
Falling rubber prices in Japan, as new global cases of corona virus infections, including top buyer – China – have raised concerns about more closures and declining demand for goods.
Price of rubber on the floor of 6/2021 on Osaka floor decreased 0.8 JPY equivalent to 0.3% to 238.4 JPY (2.3 USD) / kg.
Meanwhile, the price of rubber in May 2021 on the Shanghai floor increased 35 CNY to 14,265 CNY (2,206 USD) / ton.
Coffee prices increased in Vietnam and New York, and decreased in Indonesia
Trading has been sluggish in key Asian coffee producing countries, as transactions in Vietnam have been sluggish due to reduced demand and lack of shipping containers since December 2020.
Robusta coffee export prices of Vietnam (category 2, 5% black & broken) are offered plus 100-110 USD / ton compared to the term 3/2021 on London floor, up from plus 90- 100 USD / ton 1 week ago. In the domestic market, coffee beans are sold at prices ranging from 31,200-32,000 VND (1.35-1.39 USD) / kg, down from 32,200-32,600 VND / kg 1 week ago.
Vietnam’s coffee exports in December 2020 increased 66.1% from the previous month to 139,046 tons. Vietnam exported 1.6 million tons of coffee in 2020, a decrease of 5.6% compared to 2019.
In Indonesia, the price of Robusta coffee type 4 (80 defective beans) offered for sale at a plus of 250 USD / ton compared with the term contract in March 2021, down from 275 USD / ton 1 week ago.
In New York, Arabica coffee futures in March 2021 increased by 2.1 cents, equivalent to 1.7%, to $ 1.2735 / lb, in the previous session, up 3.2%.
In London, Robusta coffee prices changed slightly at 1,332 USD / ton.
The highest sugar price is over 3.5 years
Raw sugar prices rose 5.2% to their highest level in more than 3.5 years, due to tight supply.
The price of raw sugar in March 2021 on ICE increased by 5.2% to 16.67 US cents / lb – the highest since April 19, 2017.
At the same time, the price of white sugar delivered for the same period on the London floor increased 4% to 464.4 USD / ton – the highest since May 2017.
The prices of soybeans, corn and wheat all increased
Soybean prices in the US rose 1.7%, underpinned by strong demand.
On the Chicago floor, soybean futures prices in March 2021 increased 24-1 / 4 US cents to 14.3-1 / 2 USD / bushel. Corn price delivered in the same period increased 9-3 / 4 US cent to 5.34-1 / 4 USD / bushel. At the same time, the price of wheat in March 2021 increased by 9-1 / 2 US cent to 6.7 USD / bushel.
Rice prices in Vietnam are 9 years high, India is 4 months high and Thailand 8 months high
Export rice prices in India are the highest in 4 months, while the strong baht pushes Thai rice prices to the highest in 8 months.
In India – the leading rice exporter, the price of 5% broken rice has not changed at 383-390 USD / ton – the highest since September 2020.
As for the 5% broken type, Vietnamese rice prices have not changed from a week ago, at 500-505 USD / ton – the highest since December 2011.
Vietnam also started buying rice from India – for the first time – in decades, amid rising exchange rates and declining domestic supplies. Vietnam’s rice export in 2020 will decrease by 1.9% to 6.26 million tons, but the export turnover will increase by 11.2%.
In Thailand, the price of 5% broken rice increased to 520-525 USD / ton from 515-520 USD / ton in the previous week, due to the strong increase in baht, while foreign demand remained stable. .
Palm oil prices remain the lowest for 2 weeks
Palm oil prices in Malaysia fell for the fourth consecutive session and hit a 2-week low, affected by concerns about lower demand as key market – China – committed to import more from Indonesia, while Malaysia keeping a high tax rate of 8% on palm oil exports in February 2021.
Palm oil futures price in March 2021 on Bursa Malaysia fell 78 ringgit equivalent to 2.11% to 3,614 ringgit ($ 894.55) / ton – the lowest since December 31, 2020.
Prices of some key items in the morning of January 15
