Crude oil prices fell
Oil prices fell and traded in a narrow range, due to concerns about a protracted global pandemic and slowing deployment of the corona virus vaccine.
Closing the session on January 29, Brent crude oil futures in March 2021 rose 36 US cents, or 0.6% to 55.88 USD / barrel, while Brent crude oil futures in April 2021 decreased by 6 US cents. cent to 55.04 USD / barrel. West Texas WTI crude oil fell 14 cents, or 0.3 percent, to $ 52.2 a barrel.
However, for the whole week, both Brent and WTI had a week of less than 1% increase.
To date, the oil market has grown by about 50% since October 2020 following the rollout of the corona virus vaccine, but the emergence of the Covid-19 variant has raised concerns about economic decline. . Bob Yawger, energy director at Mizuho, New York, said the US economic stimulus package may not be fast enough to support the market.
Natural gas prices fell by nearly 4%
Natural gas prices in the US fell nearly 4% to a one-week low due to forecast that the weather next week will be milder, while the outlook for colder weather in mid-February 2021.
Natural gas price in March 2021 on New York floor decreased 10 US cent, equivalent to 3.8% to 2,564 USD / mmBTU – the lowest since 22/1/2021.
However, for the whole week, natural gas prices increased by 5% after falling by nearly 11% in the previous week. For the whole month, natural gas prices increased by 1% after falling 12% in December 2020 and 14% in November 2020.
The prices of gold and silver both increased
Silver prices have continued to rise and are up around 10% since messages started circulating on Reddit that spurred buying activity.
Spot gold on the floor of LBMA increased 0.6% to $ 1,851.01 / ounce and gold futures in April 2021 on the floor of New York increased 0.5% to $ 1,850.3 / ounce. However, gold had the strongest decline in January since 2011, as the dollar rose and investors shifted to assets to benefit from the economy’s recovery.
Spot silver price on the LBMA increased 2.5% to 27.04 USD / ounce and had the strongest increase week since mid-December 2020 (up more than 6%).
Standard Chartered analyst Suki Cooper expects, strong demand for silver from investors and industry will push silver prices to $ 30 / ounce in the first half of 2021.
Prices for copper and zinc decreased
Copper prices fell, pressured by profit-taking, along with a rising dollar and concerns about demand in the leading consumer country – China, but inventories hitting historic lows curbed momentum. sale.
Copper price on London floor changed slightly at 7,870 USD / ton. Up to now, copper prices have fallen by nearly 5% since an 8-year high ($ 8,238 / ton) in January 2021.
Stockpiles of copper in London hit 74,575 tons – near a 15-year low in September 2020
Zinc prices on the London floor fell 0.2% to $ 2,588 / ton. Generally, in January 2021, zinc prices decreased by more than 6% – the strongest drop since February 2020, as zinc stocks in London increased to 100,000 tons in the past week.
Rebar prices fell for the third consecutive week, iron ore fell
Rebar prices in China fell 1.4% and have the 3rd consecutive week of decline, due to inventories increased 16% this week.
On the Shanghai floor, the price of rebar in May 2021 reached 4,327 CNY (669.72 USD) / ton. For the whole week, rebar price decreased 0.6%. Hot rolled coil price decreased 2.1% to 4,390 CNY / ton. The price of stainless steel in March 2021 increased by 0.2% to 14,260 CNY / ton.
Iron ore prices on the Dalian floor fell 2% to 990 CNY / ton, following the trend of 62% Fe iron ore spot prices decreased by 8.5 USD to 159 USD / ton.
Rebar inventories at steel mills and traders in the week to January 28, 2021 rose 15.9% from the previous week to 8.9 million tons. Overall, total steel product inventories this week reached 17.9 million tons, consulting firm Mysteel said.
Rubber prices increased
Rubber prices in Japan increased and had the first month of increase in 2021, amid expectations of Chinese economic growth when cases of Covid-19 infection in the leading rubber buyer declined, and JPY Falling against the dollar also supports the price.
Price of rubber in July 2021 on Osaka floor increased by 8.6 JPY, equivalent to 3.8% to 236 JPY (2.3 USD) / kg. For the whole week, rubber prices decreased by 0.8% – the 3rd consecutive week of decrease, but in some months, it increased by 4%.
At the same time, the price of rubber in May 2021 on the Shanghai floor increased by 270 CNY to 14,405 CNY (2,235 USD) / ton.
Coffee prices are mixed
Arabica coffee futures in March 2021 on ICE decreased 1.05 US cent, equivalent to 0.8% to 1.2295 USD / lb. Generally, in January 2021, coffee prices decreased by 4.3%.
Meanwhile, the price of Robusta coffee delivered in the same period on the London floor increased by 3 USD, equivalent to 0.2% to 1,306 USD / ton.
Vietnam’s coffee exports in January 2021 are estimated to decrease by 17.6% compared to January 2020 to 120,000 tons.
Sugar prices increase
The price of raw sugar in March 2021 on ICE increased 0.24 US cent, equivalent to 1.5% to 15.83 US cent / lb. For the whole month, sugar prices increased by 2.2%.
At the same time, the price of white sugar delivered in the same period on the London floor increased 14.5 USD, equivalent to 3.3% to 456.1 USD / ton.
Soybean prices increased
Soybean prices in the US increased due to concerns about a slowed harvest in Brazil and the trend of strong corn prices.
On the Chicago floor, soybean futures in March 2021 increased by 16-3 / 4 US cents to 13.7 USD / bushel. For the whole month, soybean prices increased by 59 US cent / bushel, equivalent to 4.5% – for the 8th consecutive month. Soybean meal futures price in March 2021 increased 3.9 USD to 431 USD / ton, while soybean oil price for the same period decreased 0.03 US cent to 44.62 US cent / lb.
The US Department of Agriculture said that exporters sold 132,000 tonnes of new US soybeans to China. Consulting firm Safras & Mercado raised its estimate for Brazil soybean production in the 2020/21 crop year to 133.1 million tons, from 132.5 million tons in the previous forecast.
Palm oil price increased by 3%
Palm oil price in Malaysia increased 3% – 3rd consecutive session, due to higher than expected December 2020 data and high export tax on Indonesian crude palm oil, making Malaysian palm oil more attractive.
Palm oil futures price in April 2021 on Bursa Malaysia increased 101 ringgit to 3,489 ringgit / ton, in the beginning of the session, the price of palm oil decreased to 3,365 ringgit / ton.
Prices of some key items on the morning of January 30
