Oil prices rise
Oil prices rose 2% and had their biggest weekly gain in more than a year, as energy companies began shutting down production in the US Gulf of Mexico ahead of a major storm expected to hit early next week.
Closing the session on August 27, Brent crude oil increased by 1.63 USD, or 2.3% to 72.7 USD/barrel and West Texas Intermediate crude oil increased by 1.32 USD, or 2%, to 68.74 USD. /bin. This is the highest level for Brent since August 2, 2021 and WTI since August 12, 2021. For the whole week, the price of Brent oil rose more than 11% and WTI rose more than 10% – the strongest week for both oils since June 2020.
Wells off the Gulf of Mexico account for 17% of US crude oil production, while more than 45% of total US refining capacity is located along the Gulf Coast.
Rising oil prices were also supported by the dollar falling to a one-week low against a basket of major currencies, following comments by US Federal Reserve Chairman Jerome Powell. A weaker dollar makes oil cheaper to buy in other currencies.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, known as OPEC+, will meet on September 1, 2021 to discuss plans to raise output by 400,000 bpd per month over the next few days. next month.
Natural gas price still highest in 32 months
U.S. natural gas prices rose more than 4% to a new 32-month high, driven by forecasts that mid-September 2021 will remain hotter than usual and concerns that Hurricane Ida will shut down production in the Gulf of Mexico.
The price of natural gas for September 2021 on the New York Stock Exchange rose 18.6 US cents, or 4.4%, to $4,370/mmBtu – the highest since December 2018 for the second consecutive session. For the whole week, natural gas prices increased by nearly 14% – the strongest week since October 2020. In the last week, natural gas prices fell less than 1%.
The price of natural gas for the October 2021 term increased by 17 US cents to $4.39/mmBtu.
Gold price continues to increase, silver has the strongest week in 3 months
Gold prices rose more than 1% after US Federal Reserve Chairman Jerome Powell stopped signaling the US central bank would start withdrawing economic support.
Spot gold on the LBMA rose 1.4% to $1,817.21 an ounce and gold for December 2021 on the New York Stock Exchange rose 0.9% to $1,819.5 an ounce.
At the same time, silver prices rose 2.2% to $24.05 an ounce and had their biggest weekly gain since May 2021.
Aluminum price highest in more than 3 years
Aluminum prices rose to a more than three-year high, on rising supply concerns from top producer China, after the country’s Xinjiang region imposed output limits on five smelters.
Aluminum prices on the London floor rose 0.8% to $2,641 a tonne, earlier in the session aluminum prices reached $2,697 a tonne – the highest since April 2018, after the US imposed sanctions on Rusal .
At the same time, aluminum prices on the Shanghai floor rose to the highest level since August 2008.
According to Reuters calculations, the monthly limits for five smelters in Xinjiang for the first seven months of 2021 account for 10 percent of the output cut. Meanwhile, Xinjiang is the largest metallurgical center in China, accounting for nearly a fifth of the supply of the world’s largest aluminum producer and consumer. This has caused China’s aluminum imports in the first seven months of 2021 to increase by 47% year-on-year.
Prices of coking coal, coke and iron ore all fell, rebar increased
Prices of coking coal and coking coal in China fell from record highs, but were still up more than 10% for the week.
On the Dalian bourse, the price of coking coal for January 2022 futures fell 1.8% to 2,523 yuan (US$389.25) per ton, after seven consecutive gains. The price of coke for delivery in the same period fell 2.8% to 3,164.5 CNY/ton after four consecutive gains. However, for the whole week, the price of coking coal increased 11.2% and coke increased 10.5%.
Iron ore futures for January 2022 on the Dalian bourse fell 1.4% to 840 CNY/ton, but had a weekly increase of 9.3% after 5 consecutive weeks of decline. Meanwhile, the price of iron ore for September 2021 on the Singapore Exchange increased 2.1% to 156.45 USD/ton.
On the Shanghai floor, the price of rebar increased 0.1%, hot rolled coil decreased 0.6%, stainless steel decreased 0.9%.
Rubber prices in Japan fell by 3.5%
Rubber prices in Japan fell in line with the trend of rubber prices in the Shanghai market, after industry data from China showed that economic growth in the world’s largest rubber consuming country slowed down.
The price of rubber for February 2022 on the Osaka floor fell 7.5 JPY, or 3.5%, to 206.5 JPY/kg. For the whole week, rubber prices fell 4.2% – the second consecutive week of decline.
At the same time, the price of rubber in January 2022 on the Shanghai floor decreased by 3.6% to 13,810 CNY/ton.
Profits of Chinese industrial companies grew at their slowest pace in July 2021, amid rising raw material prices, supply chain constraints and an outbreak of virus infections. corona, the latest sign that the world’s second-largest economy is losing momentum.
Robusta coffee price highest in 4 years
Robusta coffee prices rose to a 4-year high and Arabica coffee increased 2.2%, due to a decline in crop yields in Brazil and disruptions in the transport of coffee from major producing countries.
The price of Arabica coffee for December 2021 on the ICE floor increased by 4.2 US cents, or 2.2%, to 1,922 USD/lb.
At the same time, the price of robusta coffee for November 2021 on the London floor increased by 24 USD, or 1.2%, to 2,018 USD/ton, after reaching a 4-year high (2,045 USD/ton).
Sugar prices increase
October 2021 raw sugar futures on the ICE exchange rose 0.36 US cents, or 1.8%, to 20.04 US cents/lb, after hitting a high of 20.1 US cents/lb.
At the same time, the price of white sugar in October 2021 on the London floor increased by 10.2 USD, or 2.1%, to 487.4 USD/ton.
Soybean and wheat prices down, corn up
U.S. soybean prices fell for a second straight session, as rain boosted harvest prospects in some arid parts of the Midwest.
On the Chicago Mercantile Exchange, soybean futures for November 2021 fell 3 US cents to 13.23-1/4 USD/bushel, but had a week up 2.5%. The price of corn for December 2021 futures rose 3 US cents to 5.53-3/4 USD/bushel and had a weekly increase of 3.1% – the 4th consecutive week of increase in 5 weeks. Wheat futures for December 2021 fell 6-3/4 US cents to 7.32-1/2 USD/bushel. However, for the whole week, wheat prices increased by 0.6%.
Palm oil prices fall
Palm oil prices in Malaysia fell more than 1%, pressured by weak soybean oil prices on the Dalian and Chicago exchanges, but oil prices rose for the week on concerns about tightening global vegetable oil supplies.
Palm oil futures for November 2021 on the Bursa Malaysia exchange fell 63 ringgit, or 1.43%, to 4,329 ringgit ($1,033.67) per ton. For the whole week, oil prices increased by 1.5% after falling sharply the previous week.
Prices of some key items on the morning of August 28:
