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Oil prices stabilized due to reduced supply concerns in the Middle East
Oil prices were little changed on March 11 as the market became less worried that conflict in the Middle East would disrupt supply and Chinese data showed weak demand while the increase in US refining activity was limited. restrict sales.
Brent oil price for May delivery ended the session stable at 82.21 USD/barrel, up 13 US cents compared to the previous session. US crude oil contract for April delivery decreased 8 cents, ending at 77.93 USD/barrel.
Gold increased, the market expected the Fed to soon lower interest rates
Gold prices rose on Monday, trading near all-time highs reached last week, as traders kept an eye on US inflation data – which could provide a clearer basis on the Federal Reserve’s interest rate trajectory.
Spot gold ended the session up 0.2% to 2,181.47 USD/ounce. US gold futures price in April increased 0.1% at 2,188.6 USD.
US consumer price inflation (CPI) data for February will be published on Tuesday (March 12).
Reflecting the upbeat sentiment, US COMEX gold speculators increased their net long positions by 63,018 contracts to 131,060 in the week ended March 5, data on Friday showed.
Copper increased, the market waited for data from China and the US
Copper prices rose on Monday as markets awaited Chinese lending data for signs of demand in the world’s top metal consumer and US inflation data to guide the timing of rate cuts. interest rate and direction of the dollar.
On the London Metal Exchange, 3-month copper futures prices increased 0.9% to 8,655 USD/ton. Metal prices, considered a barometer of world economic health, hit a five-week high of $8,689 a ton on Friday.
Lending by Chinese banks is expected to fall sharply in February from a record high in January due to seasonal factors.
Iron ore fell as fundamentals in China continued to be weak
Iron ore futures prices continued to fall for the second consecutive trading session, to their lowest level in more than four months, due to weak fundamentals in China.
The iron ore contract for May delivery on China’s Dalian Commodity Exchange (DCE) ended intraday trading down 5.41% to 831 yuan ($115.68)/ton, a level lowest since October 23, 2023.
April ore futures prices on the Singapore Exchange decreased 6.71% to 107.45 USD/ton, the lowest level since August 22.
The real estate market in China, the largest steel consumer, has been hit hard by the debt crisis and has shown no clear signs of improvement despite many measures taken by Beijing to revive it. this field.
Cocoa hits all-time high
New York cocoa prices rose more than 5% on Monday, hitting a new record high as the market remained underpinned by the prospect of limited supply.
Cocoa futures for May on the New York floor increased by 332 USD, equivalent to 5.2%, to 6,728 USD/ton.
Cocoa futures for May on the London exchange increased 5.4% to 5,516 pounds/ton, close to the record high of 5,620 pounds set last week.
The International Cocoa Organization (ICCO) in its latest quarterly report said that the global cocoa shortage in the 2023/24 crop year (October 2023-September 2024) will increase to 374,000 tons, mainly due to pests and diseases and cocoa areas currently being harvested in the world’s two largest cocoa growing countries – Ivory Coast and Ghana – have become old.
ICCO forecasts that global cocoa stocks at the end of the 2023/24 crop year will fall to 1.395 million tons, equivalent to 29.2% of the volume of ground cocoa, the lowest level in the past 45 years.
Rubber highest in 7 years due to weather concerns and demand expectations
Rubber futures in Japan rose to a seven-year high on Monday as weather concerns in Thailand and the outlook for strong global demand boosted investor sentiment.
The August rubber contract on the Osaka Exchange (OSE) ended the session up 6.1 yen, equivalent to 1.9%, to 319.1 yen (2.17 USD)/kg.
Rubber contracts for May delivery on the Shanghai Futures Exchange (SHFE) increased by 95 yuan, equivalent to 0.7%, to 14,080 yuan (1,960.10 USD)/ton.
The Thai Meteorological Agency warns of hot weather in upstream Thailand from March 13-16.
Coffee is stable
Robusta coffee futures prices were relatively stable on Monday after reaching their highest level in at least 16 years last week.
Robusta coffee futures in May decreased by 18 USD, or 0.5%, to 3,279 USD/ton, after reaching a high of 3,460 USD last week – the highest level since the current form of contract began. Started trading in January 2008.
May Arabica coffee was little changed at $1.85/lb.
Soybeans decline due to supply pressure; Corn and wheat increased
Chicago Board of Trade (CBOT) soybean futures fell on Monday, amid high global supply and signs that investors are trying to find opportunities to sell for profits. .
Corn futures prices largely fell early in the session but rose late in the session. Wheat prices on the Chicago floor increased after May futures contracts fell to a new low.
The reference soybean futures contract ended the session down 4-3/4 cents to 11.79-1/4 USD/bushel, after reaching 11.89-1/4 USD – the highest price since April. February 14. Corn price increased 2 US cents to close at 441-3/4 USD/bushel. Wheat prices increased 9-1/2 cents to 5.47-1/4 USD/bushel.
Prices of some key items on the morning of March 12:
