Lowest oil 2 weeks
Oil prices fell to a 2-week low in the 2/3 session due to forecasts that OPEC + at the upcoming meeting will decide to increase output when the economies recover from the Covid-19 crisis.
Ending the session, the price of Brent oil fell 99 cents (1.6%) to 62.7 USD / barrel, the lowest since February 12. As such, the price of Brent oil has fallen about 7% since its 13-month high last week.
West Texas oil session also fell 89 US cents (1.5%) to 59.75 USD / barrel, the lowest since 19/2. WTI oil has also lost about 6% since February 25 – the highest price point since May 2019.
Oil prices fell sharply due to data from the American Petroleum Institute showing that the country’s crude inventories rose sharply last week, although distillate stocks fell more than expected.
Thus, this wave of oil market price increases quickly dissipates because the Organization of Petroleum Exporting Countries and its allies (OPEC +) will increase crude oil output compared to the present from April next. .
Gold rose again
Gold prices rose in the last session, escaping from the lowest level in more than 8 months, due to the weak dollar and the decline in treasury bond yields, increasing demand for safe assets.
At the end of the session, spot gold price increased by 0.8% to $ 1,736.46 / ounce, earlier in the same session at times it dropped to only $ 1,706.7 / ounce (the lowest since June 15); gold futures in April 2021 rose 0.6% to $ 1,733.6 / ounce.
The dollar index has fallen 0.3% after reaching a four-week high against major partner currencies.
Expert Tai Wong of BMO investment bank in New York, said: “The gold price rebound to 30 USD from the lower than 8 months in Asia shows that investors and speculators are short term. activating short selling to hunt for bargain. The closing price above 1,725 USD / ounce is considered by many as an important reversal session.
Copper increases
Copper price increased over 9,000 USD / ton after 2 previous decreasing sessions because many analysts predicted that this metal price would increase. Aluminum also rebounded 4.3 percent in the last session – the biggest increase since October 2018.
At the end of the session, copper futures for 3-month delivery on the London floor rose 2.3% to $ 9,250.50 / ton, close to the 10-year high achieved last week – $ 9,617.
Aluminum prices also rose 4.2% in this session, to $ 2,219.5 / ton, close to a 2.5-year high of $ 2,243 / ton last week. Citi analysts stated that the supply problems will keep the average price of aluminum in 2021 at 2,350 USD / ton, to 2022 at 2,500 USD / ton.
Stainless steel fell, and HR coil and bar price increased
Stainless steel prices in the Chinese market fell due to increased inventories in China amid slow activity of downstream sectors after the Tet holiday.
Specifically, May stainless steel period down 1.8% to 14,900 CNY (2,301.76 USD) t / ton, while down at 14,775 CNY / ton.
Stainless steel inventories in China last week increased by 15.38% from the previous week, to 520,500 tons.
However, analysts of Huatai Futures are still optimistic about stainless steel price outlook as demand is in peak season.
Prices of other steel products on the Shanghai floor also shared an uptrend in the past session after the Chinese Industry Minister announced plans to cut steel production this year.
Accordingly, rebar steel increased 1.8% to 4,732 CNY / ton; HR coil increased 1.1% to 4,907 CNY / ton.
Corn, soybeans increased
Cereal and soybean prices both increased in the past session, in contrast to the previous session downtrend due to concerns about adverse weather in South American soybean growing regions such as hot weather and drought in Argentina. and too much rain in Brazil, which can reduce productivity.
Specifically, corn prices increased 6-3 / 4 US cents to 5.45 USD / bushel, soybeans increased 21-1 / 4 US cents to 14.12-1 / 2 USD / bushel, wheat increased 16 US cents to increase. 6.66-1 / 4 USD / bushel.
Decreased coffee
The decline in arabica coffee prices due to the depreciation of the Brazilian real against the USD encouraged the sale. Arabica term in March session fell 1.95 US cent (1.4%) to 1,332 USD / lb. The real currency has fallen to a 3-month low. Despite declining in this session, the market still predicts the price will increase because Brazil’s output this year is expected to decrease.
Robusta prices this session also decreased 15 USD (1%) to 1,450 USD / ton.
Sugar increased
The price of raw sugar in May increased 0.22 US cent to 16.43 US cent / lb, the first increase session in 6 recent sessions. White sugar delivered in the same period also increased by 7.7 USD (1.7%) to 465.80 USD / ton.
Reduced rubber
Rubber prices continued to decline yesterday. Accordingly, August rubber on Osaka floor decreased 6.4 JPY (2.4%) to 260.1 JPY / kg, the lowest since 19/2. This is the third consecutive decline session after data showed that Japanese companies sharply reduced spending on factories and equipment in the fourth quarter of 2020, the third consecutive quarter of reducing investment due to doubts about economic recovery six pandemic Covid-19.
On the Shanghai floor, the price of rubber in May also decreased by 3% to 15,445 CNY / ton.
Prices of some key items on the morning of March 3
