Oil prices fell 1%
Oil prices fell about 1% and had their biggest weekly drop in months.
Closing the session on August 6, Brent crude oil fell 59 US cents or 0.8% to $70.7 per barrel and West Texas Intermediate crude fell 81 US cents or 1.2% to $68.28. /bin. For the whole week, Brent oil price fell more than 6% – the biggest weekly drop in 4 months and WTI oil price fell nearly 7% – the biggest weekly drop in 9 months.
In addition, crude oil prices were also pressured by a strong dollar after a stronger-than-expected monthly US jobs growth. A strong dollar makes oil bought in greenback more expensive than buying in other currencies.
Natural gas prices remain stable
U.S. natural gas prices remained steady, as forecasts for air conditioning demand next week were lower than previously forecast, offsetting the prospect of weather remaining much hotter than normal through the end of the month. August 2021.
The price of natural gas for September 2021 on the New York Stock Exchange was at $4,140/mmBTU. For the whole week, natural gas prices are still up about 6%, after falling nearly 4% in the previous week.
Gold price lowest in more than 1 month, platinum fell
Gold prices fell to a more than 1-month low after a strong US jobs report boosted expectations the Federal Reserve could ease economic support sooner than previously forecast.
Spot gold on the LBMA fell 2.2% to $1,763.96 an ounce, after touching its lowest level ($1,757.7 an ounce) since June 30, 2021 and December 2021 gold futures on the LBMA exchange. The New York Stock Exchange fell 2.5% to $1,763.1 an ounce.
At the same time, platinum fell 2.2% to $983.53 an ounce and had its biggest weekly loss since June 2021.
The price of copper fell
Copper prices fell, as strong US employment data pushed the dollar up, making it more expensive to buy in dollars than in other currencies.
Copper prices on the London floor fell 0.2 percent to $9,472.5 per tonne. For the whole week, copper prices fell by more than 2.5% amid concerns that demand in the top consumer – China – will decrease. However, since the beginning of the year, copper prices have increased by more than 20% and reached a record high ($10,747/ton) in May 2021.
Iron ore and steel prices both fell
Iron ore and steel prices in China both fell and had a weekly decline, due to weak seasonal demand and the possibility of easing production controls.
The price of iron ore for September 2021 on the Dalian bourse fell 1.3% to 895 CNY ($138.42)/ton, after spot price of 62% Fe iron ore fell $11 to $174.5/ton . For the whole week, iron ore prices fell 12.9% – the biggest weekly decline since the week ended February 28, 2020.
At the same time, on the Shanghai trading floor, the price of rebar for October term in October 2021 decreased 1% to 5,379 CNY/ton and had a week of 6.2% decrease, hot rolled coil decreased by 0.7% to CNY 5,772/ton and had a week down 6.4%. The price of stainless steel for September 2021 futures increased by 0.8% to 19,015 CNY/ton.
Weekly consumption for major steel products in China as of August 5, 2021 fell 2.5% from the previous week to 9.86 million tonnes, consulting firm Mysteel said.
Coffee prices fall
The price of arabica coffee for September 2021 on the ICE floor fell 0.9 US cent, or 0.5%, to 1.76 USD/lb.
At the same time, the price of robusta coffee for September 2021 on the London floor decreased by 21 USD, or 1.2%, to 1,743 USD/ton.
The highest price of raw sugar in 5.5 months
Raw sugar prices rose to a 5.5-month high, on concerns that sugarcane crop yields in Brazil are lower than previously forecast, due to recent drought and frost weather.
October 2021 raw sugar futures on ICE rose 0.06 US cents or 0.3% to 18.68 US cents/lb, after hitting a 5.5-month high (18.92 US cents/lb/lb) lb).
Meanwhile, the price of white sugar in October 2021 on the London floor decreased by 2.2 USD, or 0.5%, to 459.6 USD/ton.
Soybean, corn and wheat prices all increased
Soybean prices in Chicago rose, but forecasted rainy weather in the US Midwest through the weekend limited the upside.
On the Chicago Mercantile Exchange, soybean prices rose 8-1/4 US cents to 13.36-3/4 USD/bushel, but for the whole week, soybean prices fell 12-1/2 US cents/bushel. Corn prices rose 3-1/2 US cents to 5.56-1/2 USD/bushel. For the whole week, corn prices increased 2.06%. Wheat prices rose 6-1/4 US cents to $7.19/bushel. For the whole week, wheat prices increased 15-1/4 US cents/lb or 2.17%.
Palm oil prices up more than 1%
Palm oil prices in Malaysia rose, supported by higher soybean oil prices and tightening production, but palm oil prices fell for the first time in seven weeks.
Palm oil futures for October 2021 on the Bursa Malaysia exchange rose 57 ringgit, or 1.35%, to 4,274 ringgit ($1,013.52) per ton. For the whole week, palm oil prices fell by 2.2%.
Prices of some key items on the morning of August 7:
