Oil increased 4% due to information about the effectiveness of the new Covid-19 vaccine
Crude oil prices rose more than 2% at the close of trading after Moderna Inc MRNA.O announced the test results of the anti-Covid-19 vaccine made by the manufacturer to be 94.5 effective. %.
At the end of the session, the price of Brent oil delivered in January 2021 increased 1.04 USD, equivalent to 2.43%, to 43.82 USD / barrel, after increasing by more than 4%. Oil West Texas America (WTI) term 12/2020 increased 1.21 USD (3%) to 41.34 USD / barrel.
American pharmaceutical company Moderna on November 16 announced its Covid-19 vaccine is undergoing their trial showing up to 94.5% efficacy, based on preliminary data obtained from the clinical trial. large-scale screening of this company. This is a “truly outstanding” achievement according to the assessment of Dr. Anthony Fauci, the leading US epidemiologist.
In addition, positive information about China and Japan economies also contributed to push oil prices up in this session. The data showed that the amount of raw oil that China’s refineries used daily in October reached a record high. Meanwhile, Japan announced that GDP in the third quarter of 2020 increased by 21.4% over the same quarter last year, exceeding the forecast of 18.9%.
Firm because the number of Covid-19 virus infections continues to rise
Gold prices recovered in the last session, after falling more than 1% in the previous session, as investors were concerned about the increase in the number of new Covid-19 infections, obscuring the joy of the Moderna vaccine.
At the end of the session, the spot gold price was steady at 1,887.1 USD / ounce, while the gold futures in December 2020 increased slightly by 0.1% to 1,887.80 USD / ounce.
In mid-session, gold prices fell 1.3% after Moderna announced its vaccine was 94.5% effective. Despite the drop, that reduction is much lower than the 5% drop when Pfizer announced a 90% more efficacy of the vaccines they studied.
Bart Melek, head of commodity strategy at TD Securities, said: “The vaccine is great news, but the problem is that it will take a long time to roll out the vaccine on a large scale, including. in developed countries “. “With a vaccine or without a vaccine, we will continue to have economic trouble until the third quarter of next year, we will need even stronger monetary stimulus, and we have a lot of money. can get financial stimulus – the factor that brings inflation closer to the central bank’s target “.
Iron and steel rose
Rebar and HR coil prices in China both increased in the past session due to positive data on the country’s fixed asset investment and real estate market. Accordingly, real estate investment in October 2020 increased by 13% over the same month last year, the highest speed since July 2018; Fixed asset investment also rose 1.8% in the same month, far exceeding forecast levels.
Ending session 11/16, rebar price on the Shanghai floor increased 0.5% to 3,852 CNY (585.76 USD) / ton (term 1/2021); HR coil increased 1.4% to 3,998 CNY / ton. Particularly, stainless steel this session decreased 1.8% to 13,305 CNY / ton.
Iron ore increased according to steel price, according to which, price on Dalian floor increased by 1.3% to 841 CNY / ton in session 16/11; Iron ore imported into China (content 62%) decreased 0.5% to 124 USD / ton in session 13/11.
Rubber increased
Rubber prices in the Japanese market increased by more than 1% in the past session after the impressive third-quarter GDP data of Japan and the information of China’s industrial production in October increased stronger than expected.
On the Osaka floor, the term rubber in April 2020 increased by 2.7 JPY (1.2%) to 238.3 JPY / kg. On the Shanghai floor, the term rubber in January 2021 increased 1.4% to 14,655 CNY / ton.
Soybeans and maize increased due to high export demand
Soybean futures futures prices on the Chicago market rose for the second consecutive session, nearly reaching a four-year high last week, due to strong demand from Chinese customers and data showing US oil pressures. October 2020 reached a record high.
Corn prices also increased because of strong export demand, especially from China. The increase in energy and stock markets following the positive news about vaccines also contributed to push up agricultural prices.
Ending the session, soybean futures prices in January 2021 on the Chicago floor rose 5-1 / 2 US cents to 11.53-1 / 2 USD / bushel; corn futures in December 2020 increased 5-3 / 4 US cents to 4.16-1 / 4 USD / bushel.
Wheat increased
Wheat prices increased in the past session. Accordingly, December wheat on the Chicago floor increased 4-1 / 2 US cents to 5.98 USD / bushel; Wheat prices in Ukraine (low quality, protein content 11.5%) are about 252 – 256 USD / ton (FOB).
Weather conditions in the major wheat growing regions of Russia are not so good, the yield of this crop will be highly dependent on winter weather. Meanwhile, Ukraine’s wheat exports are going very well. Russia and Ukraine are two of the world’s leading wheat producers and exporters.
The highest raw sugar is 8.5 months
Raw sugar futures price in March 2021 on the New York bourse increased 0.51 US cent (3.4%) to 15.47 US cents / lb at the close of the session, at times reaching 15.58. US cent, the highest since Feb. 24, due to a tight short-term supply. The poor Thai sugar crop this year could make the world sugar market scarce, while sugar exports from India will be affected by the inevitable burning of the government’s export support policy due to problems. the main topic related to the Covid-19 translation. White sugar futures price in March also increased by 14 USD (3.4%) to 420.8 USD / ton.
Coffee increased
Arabica coffee futures in March increased 6.55 US cents (5.8%) to 1.1875 USD / lb, while Robusta futures in January increased 30 USD (2.1%) to 1,440 USD / ton.
The Brazilian Coffee Exporters Association (Cecafe) said that in October 2020, the country exported 4.1 million bags of coffee (60 kg / bag), an increase of 11.5%, equivalent to 422,000 bags. the same period last year, was the record-high monthly export of this world’s largest coffee producer.
Prices of some key items in the morning of November 17
