Oil fell more than 1% on doubts about Chinese fuel demand
Oil prices fell more than 1% in the first trading session of March due to fears of slowing Chinese demand for crude while OPEC may increase supply after this session.
At the end of the session, Brent crude fell $ 73 / barrel (1.1%) to $ 63.69 / barrel, while West Texas America (WTI) fell by 86 US cents (1.4%) to 60. , 64 USD / barrel.
Production growth at Chinese factories in February 2021 fell to the lowest level in 9 months, causing concerns that the demand for crude oil from this market will decrease in the near future.
Gold decreased because USD strengthened
Gold price dropped in the last trading session due to stronger USD and investors share money to risky assets.
At the end of the last trading session, spot gold price dropped by 0.6% to $ 1,723.30 / ounce, gold for April / 2021 period dropped by 0.3% to $ 1,723 / ounce.
“Expect the world economy to recover, the dollar reverses up, the stock market performs well … In such an environment, the demand for gold is slowing down,” said David Meger, director of metal trading. High Ridge Futures said.
The dollar index rose to its highest level in three weeks on the back of optimism about the $ 1.9 billion stimulus package and the effectiveness of vaccination – leading to increased demand for assets. high risk.
Tin fell off its 9-year high, copper fell
Tin is now 10% below its 9-year high last week. The decline in the metal was due to technical sales as investors took profits, although tin supplies were still in short supply.
The term for delivery after 3 months on the London floor last session decreased by 8.3% to 23,530 USD / ton, the decrease in one day the most since September 2011.
Meanwhile, copper prices fell 0.5% to $ 9,036 / ton, after having increased in February 2021 the most since 2016.
Lowest coal 3 months
Chinese coking coal prices fell more than 6% in the last session, to a 3-month low as stable output and imports eased concerns about supply conditions, while demand outlook remains. positive thanks to the steel manufacturing industry.
The price of coking coal for May term on the Dalian trading floor in the third session at one point decreased by 6.5% to 1,387 CNY (214.60 USD) / ton, at the end of the session still fell 5.5% from with the previous session closing down to 1,402 CNY, the lowest since November 23, 2020. Coke also dropped 3.2% to 2,478 CNY / ton.
Despite the price drop, analysts remain optimistic about the demand outlook for this steelmaking material, given the high operating capacity of blast furnaces in steel mills, while sectors downstream enters the peak season.
Iron and steel decreased
Iron and steel prices fell after Chinese production data showed that production growth in February was the lowest in 9 months.
The price of Chinese iron ore on the Dalian floor decreased by 0.8% to CNY 1,133 / ton; 62% iron ore imported to Chinese seaports in the previous session increased 1 USD to 175.5 USD / ton.
Rebar prices on the Shanghai floor fell 0.7% to CNY 4,639 / ton; HR coil decreased 0.9% to 4,841 CNY / ton; stainless steel decreased 0.4% to 15,105 CNY / ton.
Reduced rubber
Rubber prices on the Osaka and Shanghai floors both decreased during the session and over due to the Chinese production data was not as expected.
Ending the session 1/3, the term of August rubber on Osaka floor decreased 9.4 JPY (3.4%) to 266.5 JPY / kg; May contract on Shanghai floor decreased 3.4% to 15,895 CNY / ton.
Corn, wheat, soybeans
Cereal prices decreased in the last session after the previous strong increase due to concerns about tight supplies. However, the decline was limited by strong demand from Chinese customers.
Specifically, on the Chicago floor, the US corn price decreased by 9-1 / 4 US cent to 5.38-1 / 4 USD / bushel (last month the price was at the highest level since June 2013); soybeans down 13 cents to 13.91 to 1/4 USD / bushel (last week the price had the highest since June 2014); wheat fell 10 cents to 6.50-1 / 4 USD / bushel.
Demand for raw materials for animal feed from China remains strong, and there is still a possibility that Chinese customers will continue to buy maize for storage.
The US Department of Agriculture (USDA) said that the amount of US soybeans that were pressed for oil in January will be higher than the expected level of 195.6 million bushels.
Decreased coffee
Arabica coffee futures price in May 2021 decreased 1.7 US cents (1.2%) to 1,358 USD / lb, after falling in the previous session. The reason is that investors sell to take profit after prices rose sharply earlier last week, the world economy is gradually improving, the US dollar strengthens and the upward curve of US yields can have a negative impact on agricultural products in the New Age.
However, the long-term outlook for coffee is still positive as Brazilian production is expected to decline this year.
Robusta coffee last session also fell 8 USD (0.5%) to 1,465 USD / ton.
Reduced sugar
Raw sugar futures in March decreased 0.24 US cents (1.6%) to 16.21 US cents / lb, while white sugar futures in May rose 3 USD to 458.10 USD / ton.
Prices of some key items are bright 2/3
