Oil prices up 3%
Oil prices rose 3%, as positive US economic data and strong US fuel consumption overshadowed concerns that slowing economic growth in other countries could dent fuel demand.
Closing the session on August 18, Brent crude oil gained $2.94, or 3.1%, to $96.59 per barrel and West Texas Intermediate crude rose $2.39, or 2.7%, to 90. 5 USD/barrel. Oil prices rose more than 1% in the previous session, but Brent prices at one point hit their lowest since February 2022, due to signs of recession in some countries.
Oil prices rose on the back of impressive US economic data, fueling optimism about an improved crude demand outlook, said Edward Moya, senior market analyst at data and analytics firm OANDA.
In addition, oil prices increased when the Energy Information Administration (EIA) said that US crude oil inventories in the week to August 12, 2022 decreased by 7.1 million barrels, compared with an expected decrease of 275,000 barrels, exports hit a record high of 5 million bpd.
At the same time, European Union (EU) bans on Russian crude oil exports could significantly tighten supply and push prices up in the coming months.
Natural gas prices fall
U.S. natural gas prices fell 1% after hitting a 14-year high in early trading, as production hit a record high this month.
The price of natural gas for September term on the New York Stock Exchange fell 5.6 US cents, or 0.6%, to $9,188/mmBTU.
Natural gas prices rose early in the session, as lower-than-expected inventories, global gas prices hit record highs and hot weather pushed U.S. spot gas prices to multi-year highs. .
However, since the beginning of the year, natural gas prices have increased by 147%, due to rising gas prices in Europe and Asia, boosting demand for liquefied natural gas (LNG) exports in the US. Global gas prices have surged this year, following supply disruptions related to the Russia-Ukraine conflict on February 24, 2022.
Global gas prices hit a record high, around $71/mmBTU in Europe and $58/mmBTU in Asia.
Gold price drops
Gold prices fell, pressured by a strong dollar, but losses were limited by falling US Treasury yields, while investors looked for more economic signals that could affect the upside. interest rate.
LBMA spot gold fell 0.2 percent to $1,758.42 an ounce, after falling to its lowest level since August 3, 2022, and gold futures. December 2022 on the New York Stock Exchange fell 0.3% to $1,771.2 per ounce.
The dollar hit a three-week high, making gold more expensive to buy in other currencies.
Copper price increases
Copper prices rose for the first time in a week, on expectations of strong demand in China, overshadowing concerns about the pace of interest rate hikes and slowing economic growth.
Copper prices on the London floor increased 1.2% to 8,015.5 USD/ton. Copper prices have fallen from a record high of $10,845 a tonne in March 2022 and hit a low of $6,955 a tonne in July 2022.
Global stock markets fell and the dollar rallied, after US and European central bank officials said inflationary pressures had not eased and indicated interest rates would continue to rise.
However, China – the largest consumer of the metal – the central bank is loosening monetary policy, low copper inventories and increased demand, have pushed copper prices higher.
Iron ore prices are at 3-week low, steel falls
Iron ore prices in Dalian fell to a three-week low, while iron ore prices fluctuated sharply in Singapore, pressured by concerns about falling steel demand and rising supply in China.
Iron ore futures for January 2023 on the Dalian bourse fell 4.3% to 676.5 yuan ($99.6/ton) – the lowest since July 27, 2022.
Meanwhile, the price of iron ore for September 2022 on the Singapore Exchange increased 1.4% to 103.05 USD/ton, after falling 0.4% in the early session.
The spot price of 62% Fe iron ore to China reached $105 a tonne – the lowest since July 25, 2022, consulting firm SteelHome said.
On the Shanghai Stock Exchange, rebar prices fell 0.6%, hot rolled coil fell 1% and stainless steel fell 3.4%.
Rubber prices in Japan continue to increase
Rubber prices in Japan rose, supported by a weakening JPY, but gains were limited by lower Shanghai rubber prices.
The price of rubber for January 2023 on the Osaka floor increased by 1.5 JPY, or 0.7%, to 230 JPY (1.7 USD)/kg.
Meanwhile, the price of rubber in January 2023 on the Shanghai floor decreased by 35 CNY to 12,855 CNY (US$1,892)/ton.
Coffee prices increased in Vietnam, unchanged in Indonesia, decreased in New York and London
The price of Vietnam’s export robusta coffee (2.5% black & broken) is offered at the same price in London. In the domestic market, green coffee beans are sold for 46,800-48,500 VND ($2-2.07)/kg, up from 45,000-47,300 VND/kg a week earlier.
In Indonesia, the price of Robusta coffee grade 4 (80 defective beans) offered for sale is at a discount of 140 USD/ton compared to the November 2022 futures contract and unchanged from a week ago.
In New York, the price of arabica coffee for December 2022 futures fell 1.55 US cents, or 1.2%, to $2,1185 per lb, down for the fourth consecutive session.
In London, the price of Robusta coffee for the November term, November 2022, decreased by 6 USD, or 0.3%, to 2,218 USD/ton.
Sugar prices fall
Raw sugar prices on the ICE exchange fell, under pressure from the forecast of favorable rain for sugarcane crops in Europe and a slowing Chinese economy.
The price of raw sugar for October delivery on the ICE floor fell 0.47 US cents, or 2.6%, to 17.77 US cents/lb.
At the same time, the price of white sugar in October 2022 on the London floor decreased by 13.1 USD, or 2.4%, to 538.9 USD/ton.
Wheat prices down, corn and soybeans up
Wheat prices in Chicago fell for a fifth consecutive session, pressured by falling export sales, a strong dollar and continued exports from Ukraine.
On the Chicago Mercantile Exchange, wheat prices fell 31-1/2 US cents to $7.49/bushel – the lowest since February 3, 2022. Soybean prices rose 15-1/4 US cents to 14.05-1/4 USD/bushel and corn prices increased 3-3/4 US cents to 6.15-3/4 USD/bushel.
Rice prices increase in India, unchanged in Vietnam, decrease in Thailand
The price of Indian rice exports increased, as a decrease in the cultivated area raised concerns about a decrease in supply from the new crop year, while the price and quality of Vietnamese rice decreased compared to other countries.
In India – the leading rice exporter, the price of 5% broken rice increased to 365-371 USD/ton from 360-366 USD/ton a week ago.
For the 5% broken type, the price of Vietnamese rice is at $390-393/ton, unchanged from a week ago.
The price of Vietnamese rice is lower than that of Thailand, due to weak demand and ample supply from the summer-autumn harvest.
In Thailand, the price of 5% broken rice dropped to $416-420/ton, compared with $420-428/ton a week ago. Despite the drop in shipping costs, there are still no large orders.
Palm oil price lowest in nearly 2 weeks
Palm oil prices in Malaysia fell more than 3% to a near two-week low, as other vegetable oils fell, but a weakening local currency and falling export taxes limited the decline in palm oil prices.
Palm oil futures for November 2022 on the Bursa Malaysia exchange fell 146 ringgit, or 3.48%, to 4,047 ringgit ($904.96) per ton, after rising for two consecutive sessions.
Prices of some key items in the morning of August 19
