Oil increased 4%
Oil prices surged 4% in weekend session on concerns that global flow of crude and refined products could be disrupted for weeks as efforts to rescue the giant ship stranded in the canal. Digging Suez can take several weeks.
Thus, after a week of very strong fluctuations, Brent oil price still increased by 0.1% compared to the previous week, while WTI decreased by 0.7% and was the third consecutive week of decline.
Analysts said the ship stranded on the Suez Canal had a very serious impact on small ships carrying oil and oil products, especially naphtha oil and fuel exported from Europe to Asia. The supply of oil to importers has been significantly delayed, in the context of a shortage of containers still making it difficult to transport operations globally. The cost of transporting gasoline and diesel from Russia’s Tuapse port on the Black Sea to the south of France has increased from $ 1.49 / barrel on March 22 to $ 2.58 / barrel on March 25. 73% increase.
Gold rose
Gold price in the last session of the week increased slightly despite the USD holding high and the yield of US treasury bonds increased.
Ending the last session of the week, spot gold prices increased by 0.3% to $ 1,732.11 / ounce, but for the whole week, it decreased by 0.8%; gold futures in April 2021 on March 26 session increased by 0.4% to $ 1,732.30 / ounce.
The gold market is being affected by two conflicting factors: a strong dollar and an increase in US government bond yields put downward pressure on gold, but the number of Covid-19 infections is increasing in many parts of the world. and the policy of maintaining low interest rates of the United States in turn supported the increase in gold prices. A strong dollar makes gold less attractive to investors who use other currencies, while rising yields also reduce the attraction of gold relative to treasury bonds, as gold is inherently unproductive. interest in the form of interest.
Copper price increases
Copper prices rose in the past session on concerns that the cost of transporting industrial metals will increase sharply after congestion incident in the Suez Canal. However, the rapid outbreak of Covid-19 and slow immunization in the eurozone prevented a sharp increase in the price of copper.
Ending this session, copper price futures delivered after 3 months on the London floor – the reference for the global market – increased 2% to 8,958 USD / ton.
However, current prices have lost about 7% from their 9.5-year high last month ($ 9,617 / ton).
Iron ore rose for the first week in 4 weeks
Iron ore prices on the Dalian floor – a reference for the Asian market – last session rose 2% to 1,088 CNY / ton, the fourth consecutive increase session. For the whole week, prices rose 1.9%, despite a drop of 4.5% at the beginning of the week. Demand for iron ore in China is increasing while steel inventories in China are decreasing.
On the Singapore floor, iron ore in the same session also increased 0.4% to 156.25 USD / ton.
Stockpiles of five major steel products held by 184 Chinese steel mills in the week of 18-243 fell 3.3 from the previous week, the fifth consecutive week of decline, according to data from consulting firm Mysteel.
Soybeans decreased, maize and wheat increased
US soybean prices fell in the last session after the report of the Department of Agriculture of this country on grain reserves and new crop cultivation plan showed prospects of supply will increase.
Soybeans ended the session down 13-3 / 4 US cents to 14.00-1 / 2 USD / bushel, but for the whole week, prices still increased.
Contrary to soybeans, corn and wheat prices reversed today, with wheat rising 3/4 cent to 6.13-1 / 4 USD / bushel, while maize rising 6 cents to 5.52- 1/2 USD / bushel, but for the whole week, the price decreased.
Coffee increased
Prices of arabica and robusta coffee both increased in the past session due to the strong recovery of the global financial market.
Specifically, arabica coffee term in May increased 1.9 US cent (1.5%) to 1,285 USD / lb, the previous session, the contract price dropped to the lowest since February 17; Robusta session also increased by 2.5% to 1,399 USD / ton.
The relatively high closing level on March 25 helped erase the previous decline and created an optimistic sentiment for investors, amid the financial markets also flooded in green.
Robusta coffee last session increased 2.5% to 1,399 USD / ton.
Sugar increased
Raw sugar prices rose 0.1 US cent (0.7%) in the past session to 15.19 US cents / lb, away from the 3-month low of the previous session. On the contrary, white sugar fell 2.1 USD (0.5%) to 437.1 USD / ton.
A number of factors are impacting the sugar market, including late start of the harvest in south-central Brazil, concerns about congestion in Brazilian seaports and European farmers reducing the acreage of beets. this year due to low prices.
Reduced rubber
Rubber prices in Japan fell during the weekend session, the fourth consecutive decline, following a downward trend in Shanghai, due to concerns about the new anti-Covid-19 blockade in Europe and many Asian countries. The global recovery of rubber in particular and general commodity demand can be slowed down.
At the end of this session, September rubber on Osaka floor decreased by 1 JPY to 248 JPY (2.3 USD) / kg, for the whole week decreased by 5%.
On the Shanghai floor, rubber delivered in May also decreased by 85 CNY to 14,120 CNY (2,159 USD) / ton. On the floor of Singapore, the price of rubber delivered in April fell 1.2% to 168.7 US cents / kg.
Rubber prices traded in Japan earlier this year increased stronger than other Asian markets, but this week the price was under pressure to decrease due to the lack of buyers.
However, some traders said that future rubber prices in Osaka will recover strongly next week because physical rubber prices are still stable and the supply is in a low period because of the winter.
Prices of some key items on the morning of March 27
