Oil fluctuates slightly
Oil prices were nearly unchanged on Wednesday as a severe cold snap that disrupted some US oil production offset disappointing economic growth in China that raised concerns about energy demand. quantity.
Brent crude oil ended the session down 41 US cents to 77.88 USD/barrel. US West Texas Intermediate (WTI) crude rose 16 cents to $72.56.
In North Dakota, America’s top oil-producing state, subzero temperatures caused oil production there to drop by 650,000 to 700,000 barrels per day (bpd), or more than half of the state’s usual output.
Meanwhile, China’s economy in the fourth quarter grew 5.2% year-on-year, falling short of analysts’ expectations and raising questions about forecasts that China’s demand will boost growth. global oil growth by 2024.
Gold is at its lowest in more than a month due to reduced hopes that the Fed will lower interest rates
Gold prices fell to a more than one-month low on Wednesday as strong economic data bolstered the dollar and Treasuries and dampened market expectations of a U.S. interest rate cut in March.
Spot gold ended the session down 1.2% to $2,003.89/ounce, the lowest since December 13.
US gold futures for February decreased 1.2% to 2006.5 USD.
The US dollar hovered at a one-month high after the US released strong retail sales data. Meanwhile, US 10-year Treasury bond yields also increased.
Iron ore fell further due to weak Chinese economic data
Iron ore futures fell on Wednesday as weak economic data from China weighed on investor sentiment.
China, the world’s top metal consumer, narrowly missed economic growth forecasts, but more worrying are data on the real estate sector, such as calculated real estate sales. floor area decreased by 23% in December.
Other indicators in December in China showed retail sales grew at the slowest pace since September and investment growth remained tepid, although industrial output showed signs of improvement.
Reference iron ore futures price on the Singapore Exchange decreased 2.6% to 125.95 USD/ton. May iron ore futures contracts on the Dalian Commodity Exchange, China (DCE) ended the session down 0.75% to 926 yuan (128.67 USD)/ton.
Official data showed China’s crude steel output in 2023 was unchanged from a year earlier, steady after two straight years of decline, but missing expectations for the first increase in three years.
Dong is at its lowest in a month due to the stagnant Chinese economy
Copper prices fell to their lowest level in more than a month also due to worries about the Chinese economy.
Copper delivered three months later on the London Metal Exchange (LME) ended the session down 1% to $8,274/ton after at one point falling to $8,258, the weakest level since December 7.
Soybeans near two-year low, corn at three-year low, wheat up
Soybean prices on the Chicago Stock Exchange nearly hit a 2-year low as soybean fields in Brazil grew better thanks to improved weather.
Corn prices also hit a three-year low, while wheat was almost unchanged late in the session.
Specifically, soybeans ended the session down 21-1/2 cents to 12.05-3/4 USD/bushel, near the two-year low of 12.03 USD.
Corn prices ended the session down 1-1/4 US cents to 4.42-1/4 USD/bushel, after at one point falling to 4.40 USD, the lowest level since December 2020.
Wheat ended the session up slightly, 1/2 US cent, to 5.82-1/2 USD/bushel.
Coffee reduced
Robusta coffee futures prices in March decreased 1% to 3,139 USD/ton, leaving the peak of 3,177 USD reached in the previous session – the highest level in at least 16 years. Dealers said Robusta coffee supplies remained tight due to strong demand and some disruptions to supplies from Vietnam.
Arabica coffee futures in March decreased 2.9% to 1.7985 USD/lb.
Rubber recovered, reaching a 7-week high due to expectations of China’s economic stimulus
Rubber futures prices in Japan recovered on Wednesday to a 7-week high, as slower-than-expected economic growth in China raised expectations that the world’s largest rubber consumer will launch a more stimulus measures.
The June rubber futures contract on the Osaka Exchange (OSE) ended the session up 3.3 yen, equivalent to 1.24%, to 268.7 yen (1.82 USD)/kg, the highest closing level. as of November 28, 2023.
Rubber contracts for May delivery on the Shanghai Futures Exchange (SHFE) decreased by 50 yuan, ending at 13,775 yuan (1,914.18 USD)/ton.
Cocoa is setting a new high record
Cocoa futures traded in London rose to a new record high for the second straight session as poor harvests in West Africa further tightened supply.
Accordingly, July cocoa futures ended the session up 0.2% to 3,723 pounds/ton, previously at a time when the price set a record high of 3,760 pounds.
The market continues to be supported by the prospect that the global cocoa market for the 2023/24 crop year (October/September) will be in deficit for the third consecutive year.
Cocoa futures in March on the New York floor also increased by 0.4% to 4,444 USD/ton.
There are concerns that rising prices could limit demand and fourth-quarter cocoa grinding data for Europe and North America due out today will show a year-on-year decline.
Prices of some key items on the morning of January 18:
