Oil drops
Oil prices turned down slightly in the last session due to a correction after a sharp increase, but the whole week still increased by 6% due to the prospect of strong demand and signs of economic recovery in China and The US overwhelms concerns about the growing number of Covid-19 infections in many major economies.
At the end of this session, Brent oil price dropped by 17 US cent (0.3%) to 66.77 USD / barrel; West Texas American oil (WTI) this session fell 33 US cents (0.5%) to 63.13 USD / barrel.
OPEC + will loosen its output cut policy starting from next May, and April 28 will meet to review additional adjustments to the joint agreement.
However, the number of oil rigs in the US has risen to the highest level since April 2020. According to data from the Energy Services Company, Baker Hughes Co, the number of oil and gas rigs – an indicator of US oil production in the future – increased by 7 rigs to 439 rigs in the week to April 16. Thus, the number of rigs has increased by 80% from the low level of only 244 rigs in August 2020. In which, the oil rig alone increased by 7 to 344.
Gold rose to the highest of 7 weeks
Gold price ended the week at the highest level in 7 weeks due to the weak dollar and a sharp drop in US government bond yields in the previous session.
At the end of the week, spot gold price ended the session up 0.8% to 1,778.04 USD / ounce, before that, the price reached the highest level since February 25, was 1,783.55 USD / ounce. For the whole week, spot gold increased by 2%. Gold futures in June also increased by 0.8% to $ 1,780.20 / ounce.
The yield on US treasury bonds – the reference term – in the session 15/4 fluctuated close to the lowest level within a month, while the USD fell for the second week in a row.
On the physical gold market, China – the world’s largest gold consumer – has allowed domestic and international banks to import large amounts of gold into the country, a move that could push prices up sharply.
Copper fell in one session but the week rose the most since February
Copper prices fell in the last session of the week, but for the whole week, it was the strongest increase in 2 months due to the prosperous economic data coming from the US and China, and also due to the global stock market rising to a high. while some investment banks predicted that copper prices would continue to rise.
However, data from China, the world’s largest metal consumer, confuses both positive and negative factors, with plant operations rising sharply, but well below forecasts and forecasts. Upcoming ants will increase slowly.
On the London floor, copper futures delivered after 3 months decreased 1% to 9,190.50 USD / ton, for the whole week increased by about 3%, to 9,617 1, the highest since 2011.
Coal increased due to China’s tight control of environmental safety
The price of coking coal on the Chinese market increased by nearly 6% in the last session of the week, reaching the highest level in 3 months, after some major coal-producing regions in the country intensified the inspection, sparking concerns. supply concerns.
The price of coking coal on the Dalian trading floor, for the term delivered in May, increased by 5.75% to 1684 CNY (251.17 USD) / ton in the weekend session, at the same time this morning the price was at 1,703.5 CNY / ton. , the highest since January 19. Coke price also increased by 1.4% to 2,472.5 CNY / ton.
Authorities in provinces and regions including Shanxi, Henan and Inner Mongolia recently stepped up inspection of coal mines after several accidents in the past few months, and requested at-risk facilities. When it is unsafe, production must be stopped to rectify it.
Data from China’s National Bureau of Statistics showed that the country’s coal production in March decreased by 0.2% year-on-year to 340.76 million tons.
Stockpiles of coking coal at 110 steel mills in China are down 1.5% from the previous week.
Iron increased, steel decreased
Iron ore futures prices in September on the Dalian floor increased 0.9% to 1,046 CNY / sheet; Imported 62% iron ore in the previous session also increased by 3 USD to 176.5 CNY / ton.
Contrary to iron, steel prices decreased simultaneously. Rebar on Shanghai floor decreased 0.1% to 5,116 CNY / ton, while HR coil decreased slightly to 5,143 CNY / ton. Stainless steel alone increased by 0.6% to 13,925 CNY / ton.
China’s crude steel production in March rose the highest in 7 months to 94.02 million tons due to strong demand and decent profit margin despite environmental constraints in major steel producing regions.
Sunflower oil increased
The price of Ukraine’s sunflower oil has increased by about 45 USD / ton in the past few days amid concerns about the possibility that the Government of this country will limit exports.
The Ukrainian government is considering imposing restrictions on the export of sunflower seeds and requiring the export of the commodity to be licensed, a move criticized by traders and producers.
APK-Inform Company said that the asking price of sunflower oil for export increased to 1,570- 1,580 USD / ton FOB the Black Sea on April 16.
Ukraine is the largest exporter of sunflower oil in the world and the Government said its exports of sunflower oil in crop year 2020/21 (September to August) could total around 5.52 million tons from output 5. , 92 million tons this season.
Soybeans increased, wheat and maize decreased
US soybean prices rose in the weekend session due to drought and cold, while wheat prices fell to their lowest level since March 8 due to profit-taking activities.
Accordingly, soybean futures in May on the Chicago floor rose 15 US cents to 14.33-1 / 4 USD / bushel, the highest since April 1. On the contrary, corn prices fell 4-1 / 2 US ccent to 5.85-1 / 2 USD / bushel, and instant noodles decreased 1-1 / 4 US cent to 6.52-1 / 2 USD / bushel. Soybean oil prices have risen for 4 consecutive sessions.
Farmers in the US are trying to increase the area planted to soybeans, although corn prices earlier this week rose to a record high of nearly eight years. The reason for concern is that the global supply of vegetable oil is tightened.
Decreased coffee
Arabica coffee price decreased 3.55 US cent, equivalent to 2.7% to 1.2915 USD / lb.
Arabica coffee prices rose although demand showed signs of improvement, reflected in the volume of private stocks in US seaports fell for the third consecutive month, to the lowest level in more than 5 years, according to Hiep. American Green Coffee Association.
Robusta also dropped 9 USD (0.7%) to 1,354 USD / ton.
Rubber increased
Rubber prices traded in Japan increased in the last session of the week and was the 3rd consecutive increase session after Tung Quoc – the world’s largest rubber consumer – announced strong economic growth.
Rubber contracts for delivery in September on the Osaka trading floor increased by 0.8 yen, or 0.4%, to 237.7 JPY / kg. Rubber trading on the Shanghai floor also increased 9 CNY (0.8%) to 13,775 CNY / ton.
China’s economy recovered rapidly in the first quarter, recording a record 18.3% growth due to strong demand at home and abroad and the government’s continued support for small companies.
Prices of some key items on the morning of April 17
