Oil increased 3 USD / barrel
Oil prices surged in the last session after a ship ran aground on the Suez Canal amid a strong recovery in crude demand from refineries.
Ending session Brent oil rose 3.62 USD, equivalent to 6%, to 64.41 USD / barrel, taking back all the lost in the previous session. West Texas America Oil (WTI) rose $ 3.42 to 95.9% to $ 61.18 / barrel; in contrast to the 6.2% downtrend in the previous session.
In addition, oil prices in this session are also supported by information from the US Energy Agency showing that refining activities in the country are recovering strongly after winter blizzards that caused oil industry in Texas to pause. active over a period of time.
A large cargo ship 400 meters long and 59 meters wide carrying the Panama flag was trapped and blocked across the Suez Canal. Chancellor Chancellor Angela Merkel has just decided not to block the country for Easter, but instead just urging people to stay at home.
Gold rose
Gold prices increased despite the US dollar and US government bond yields both increased. The reason is that the US Federal Reserve (FED) may raise interest rates in 2022, one year earlier than expected information.
Ending this session, spot gold increased 0.4% to 1,734.36 USD / ounce, gold futures in April 2021 increased 0.5% to 1,733.2 USD / ounce.
Despite the statement of FED Chairman Jerome Powell released last week committed to maintaining interest rates near 0% until inflation reached a sustainable level of 2%, there are still 46% of economists participating. observes that FED may raise interest rates by 2022, while 28% believe that this agency will make such action by 2023. Only 12% believe that FED will raise interest rates after 2023.
The dong fell due to the strengthening of the USD
Copper prices fell as the dollar strengthened and Europe entered a new blockade – which would limit operations at factories.
At the end of the session, copper futures for 3-month delivery on the London floor fell 0.8% to $ 8,907 / ton.
Investors turned to look for safe havens amid the rise of the dollar to a four-month high and the outbreak of Covid-19 in Europe. The possibility of the US tax increase and the tensions between the West and China also contributed to strengthening the dollar, but put pressure on the price of high-risk assets such as copper.
Soybeans rose for the 4th consecutive session
The US soybean price last session continued to increase due to the impact from the vegetable oil market. Accordingly, the most traded soybean contract on the Chicago floor increased 9-1 / 2 US cents to 14.32-3 / 4 USD / bushel.
Despite the decline in US soybean export demand, the market is still bullish due to strong demand for cooking oil, related to tightening US oilseed and vegetable oil supplies and expectations of demand. biofuel demand in the US will increase under President Joe Biden.
Sugar increased
Sugar prices reversed to increase after 6 consecutive declining sessions, far from their 3-month low due to strong buying demand. The slow harvest of sugarcane in Brazil also supports the price of raw sugar.
Raw sugar futures in May increased 0.2 US cent (1.3%) to 15.63 US cent / lb. The previous session, the contract touched a 3-month low of 15.05 US cents.
Exports of sugar in Brazil’s south-central region in crop year 2021/22 (which started in April) are expected to decrease by 3 million tons, to 26.5 million tons.
Port congestion in Brazil could also slow the flow of cargo out of the country in the coming weeks.
White sugar also increased 9.8 USD (2.2%) to 450.3 USD / ton.
Decreased coffee
Arabica coffee prices fell 1.1 US cent (0.9%) to 1,265 USD / lb, the lowest within 2 weeks, due to weak demand when European countries entered a new blockade. Robusta coffee also decreased by 11 USD (0.8%) to 1,366 USD / ton.
Iron ore recovery
Iron ore prices in China rose for a second day in a row after last week’s sell-off, as some analysts said the decline in prices over the past week was excessive.
Iron ore futures in May in the last session, trading on the Dalian floor, increased by 2.8% to 1,050 CNY (161.43 USD) / ton.
However, the contract for April delivery on the Singapore floor still fell 0.7% to $ 154.05 / ton, contrary to the 2.6% increase in the previous session.
Reduced rubber
Rubber prices fell in the past session, to a 1-month low due to concerns about the Covid-19 outbreak in Europe and the growing tensions between the West and China – the world’s leading importer of raw materials.
August rubber futures on the Osaka floor ended the session down 5.1 JPY (2%) to 256.9 JPY (2.4 USD) / kg, in the session sometimes down to the lowest level since 19/2, is 255.5 JPY.
Prices of some key items on the morning of March 24
