Oil prices rise more than 1%
Closing the session on August 5, Brent crude oil rose 91 US cents, or 1.3%, to $71.29 a barrel, after falling below $70 a barrel in the early trading session – the first time – since from July 21, 2021. West Texas Intermediate crude rose 94 US cents, or 1.4%, to $69.09 a barrel. In the previous session, both oils fell more than $2 to two-week lows.
Middle East tensions rise as nuclear talks between Iran and Western powers aimed at easing sanctions on Tehran’s oil exports appear to have stalled.
However, gains in oil prices were capped as concerns about a rebound in global oil demand grew amid rising coronavirus cases. Japan extended emergency restrictions to more provinces, while China – the world’s second-biggest oil consumer – imposed restrictions in some cities and canceled flights, threatening demand. fuel demand.
Natural gas prices move away from 31-month highs
Natural gas futures for September 2021 on the New York Stock Exchange fell 1.8 US cents, or 0.4%, to $4,140 per mmBTU, closing the previous session at the highest level since December 2018.
Gold price drops
Gold prices fell, after comments by a US Federal Reserve official reinforced the view of an early cut in central bank asset purchases ahead of the key jobs report.
Spot gold on the LBMA fell 0.4 percent to $1,804.46 an ounce and December 2021 gold on the New York Stock Exchange fell 0.3 percent to $1,808.9 an ounce. In the previous session, gold prices rose more than 1% on lower-than-expected jobs data.
Copper price ended a losing streak of 4 consecutive sessions
Copper prices rose slightly, ending a four-session losing streak due to concerns about the prospect of demand from the top consumer – China.
Copper prices on the London bourse rose 0.3% to $9,492.5 per tonne. Copper prices have fallen from a record high ($10,747.5/ton) in May 2021, but have increased more than 20% since the beginning of the year.
Analysts at Capital Economics said industrial metal prices will decline in 2021 and 2022 with copper prices averaging $7,500 a tonne in the fourth quarter of 2022.
Iron ore price lowest in nearly 4 months, rebar increased
Iron ore prices in China fell nearly 5% to a near four-month low, as domestic consumption faltered amid steel output controls.
Iron ore futures for September 2021 on the Dalian bourse fell 4.8% to 1,007 CNY/ton – the lowest since April 12, 2021, at one session it fell 5.6% to 999 CNY (154, 54 USD)/ton.
Spot price of 62% Fe iron ore to China reached $185.5 per ton, consulting firm SteelHome said.
Meanwhile, on the Shanghai bourse, the price of rebar in October 2021 futures increased by 0.3% to 5,373 CNY/ton. Hot rolled coil price fell 0.1% to CNY 5,733/ton, September 2021 stainless steel price dropped 0.8% to CNY 18,785/ton.
Coffee prices fall in Vietnam and London, rise in New York
Trading activity in Asia’s top coffee exporters slowed down this week. The Vietnamese coffee market faces falling demand due to lack of containers, while the worsening coronavirus crisis in Indonesia has hampered trading activities.
The price of Vietnam’s export robusta coffee (type 2.5% black & broken) offered for sale at a discount of $200/ton for the November contract in November 2021 on the London Stock Exchange compared to a deduction of $230/ton for the contract. copper for September 2021 in the previous week. In the domestic market, green coffee beans are sold for 35,900-37,200 VND (1.56-1.62 USD)/kg, down from 36,900-38,000 VND/kg 1 week ago.
In Indonesia, the price of Robusta coffee grade 4 (80 defective beans) offered for sale at a discount of 100 USD/ton for the September 2021 contract, unchanged from a week ago, in the context of quiet trading. as both sellers and exporters monitor the impact of the coronavirus outbreak.
In New York, the price of arabica coffee for September 2021 futures increased by 1.25 US cents, or 0.7%, to 1,769 USD/lb.
In London, the price of robusta coffee for September 2021 fell 6 USD, or 0.3%, to 1,764 USD/ton.
Sugar prices increase
Raw sugar prices increased by nearly 4%, as frosty weather affected sugarcane crop yields in the world’s largest sugar exporter – Brazil.
The price of raw sugar for October 2021 on the ICE floor increased by 0.69 US cents, or 3.8%, to 18.62 US cents/lb.
At the same time, the price of white sugar in October 2021 on the London floor increased by 14.5 USD, or 3.2%, to 461.8 USD/ton.
Soybean and corn prices up, wheat down
Corn and soybean prices in Chicago rose on stronger export sales, but gains were limited by heavy rains in parts of the Midwest.
On the Chicago Mercantile Exchange, corn prices rose 6-1/4 US cents to $5.53/bushel. Soybean prices rose 2-3/4 US cent to 13.28-1/2 USD/bushel, while wheat price fell 4-1/2 US cent to 7.12-3/4 USD/bushel.
Indian rice price lowest in 4.5 years, Vietnam unchanged, Thailand slightly increased
Rice export prices in India fell to a 4.5-year low, due to weak demand and impact on logistics services, while a weakening baht and lack of buying activity sent Thai rice prices to a near low. 2 years for the 2nd week in a row.
In India – the leading rice exporter, the price of 5% broken rice fell to 354-358 USD/ton from 361-366 USD/ton a week ago.
In the year to July 30, 2021, India planted 26.5 million hectares of rice, down from 27.6 million hectares in the same period last year.
For the 5% broken grade, the price of Vietnamese rice was unchanged from a week ago ($390/ton) – the lowest since February 2020.
In Thailand, the price of 5% broken rice increased slightly to 385-410 USD/ton from 385-408 USD/ton the previous week – the lowest since July 2019.
Palm oil prices fall more than 1%
Palm oil prices in Malaysia fell, after surging in the previous session, pressured by weaker soybean oil prices and a forecast increase in palm oil inventories in July 2021.
Palm oil futures for October 2021 on the Bursa Malaysia exchange fell 78 ringgit, or 1.82%, to 4,213 ringgit ($999.53) a tonne, after rising 3.6% in the previous session.
Malaysia’s palm oil inventories by the end of July 2021 increased by 1.6% to 1.64 million tons – a 10-month high.
Prices of some key items on the morning of August 6:
