Oil prices fell back
Oil prices fell on concerns about the economic outlook in the world’s largest oil importer – China, and some governments took measures to prevent the spread of the Omicron corona virus variant.
Closing the session on December 9, Brent crude oil fell by $ 1.4, or 1.9%, to $ 74.42 / barrel, in the session sometimes reached a high of 76.7 USD / barrel and West Texas Intermediate crude oil WTI fell $1.42, or 2%, to $70.94 a barrel, after hitting a high of $73.34 a barrel. From November 25 to December 1, 2021, the price of Brent oil fell 16%.
In addition, information about US crude inventories also put pressure on oil prices. U.S. crude inventories fell 240.00 barrels last week, much less than analysts expected, with inventories at the Cushing delivery hub in Oklahoma rising 2.4 million barrels. At the same time, fuel inventories increased by 6.6 million barrels, the Energy Information Administration (EIA) said.
Natural gas prices remain stable
Natural gas prices in the US remained firm, as higher-than-expected inventories and high demand in the US in the next 2 weeks offset a 3% drop in gas prices in Europe.
The price of natural gas for January 2020 term on the New York Stock Exchange fell 0.1 US cent to $3,814/mmBtu.
Gold price drops
Gold prices fell on the back of a stronger dollar and a sharp drop in US unemployment data, ahead of an inflation report that could affect the US Federal Reserve’s monetary strategy.
Spot gold on the LBMA fell 0.3% to $1,776.56 an ounce and gold for February 2022 on the New York Stock Exchange fell 0.5% to $1,776.7 an ounce.
The number of Americans filing for unemployment benefits fell to a 52-year low.
Gold prices have fluctuated in a narrow range of $1,760-$1,790 an ounce since falling below $1,800 an ounce in late November 2021, as investors gauged how quickly the Fed might cut stimulus. and increase interest rates.
The price of copper fell
Copper prices pulled off a three-session streak of gains, as government restrictions aimed at preventing the spread of the Omicron variant pushed the dollar higher.
Copper prices on the London floor fell 1.1% to 9,542 USD/ton. However, year-to-date, copper prices are up 20% while the industrial metals index is up nearly 30%.
In addition, copper prices were under downward pressure as inventories in London rose to a one-month high (76,250 tonnes), but down 69% from the August 2021 peak (238,725 tonnes) and down nearly 25% in this year.
Iron ore and steel prices both fell
Iron ore prices in Asia fell back from 6-week highs, driven mainly by supportive Chinese policy.
Iron ore futures for May 2022 on the Dalian bourse fell 3.2% to 642.5 CNY ($101.29) per ton, after rising for three consecutive sessions.
Iron ore futures January 2022 on the Singapore Exchange fell 2.5% to 109.7 USD/ton.
Spot price of 62%Fe iron ore to China hit $111/ton, down from a six-week peak ($111.5/mt) on December 7, 2021 and down 52% from a record high last year. May 2021, consulting firm SteelHome said.
At the same time, on the Shanghai trading floor, the price of stainless steel for January term in January 2022 decreased by 4.5%, rebar decreased by 3% and hot rolled coil decreased by 3.3%.
Rubber prices in Japan continue to decline
Rubber prices in Japan fell, on fears that a shortage of microchips will delay the resumption of car production and some countries introduce new restrictions to prevent the spread of the virus variant. corona Omicron, affecting the global economy.
The price of rubber for May 2022 term on the Osaka floor fell 7.8 JPY, or 3.3%, to 228.7 JPY (2 USD)/kg, after touching the lowest level since November 19, 2021 ( 225.4 JPY/kg).
At the same time, the price of rubber in May 2022 on the Shanghai floor decreased by 245 CNY to 14,375 CNY (US$2,259.86)/ton.
Coffee prices increase in Vietnam and London, unchanged in Indonesia, decrease in New York
The Central Highlands, Vietnam – the world’s leading Robusta coffee growing region – has had light rain that has disrupted the harvesting and drying of coffee in this area.
The price of Vietnam’s export robusta coffee (2.5% black & broken) is offered at a discount of 400-430 USD/ton compared to the March 2022 futures contract on the London Stock Exchange and compared with the deduction level. 250-270 USD/ton last week. In the domestic market, green coffee beans are sold for 40,400-41,500 VND (1.76-1.81 USD)/kg, slightly changed from 40,700-41,500 VND/kg 1 week ago.
In Indonesia, the price of Robusta coffee grade 4 (80 defective beans) offered for sale is at a discount of 250 USD/ton compared to the March 2022 futures contract, unchanged from 1 week ago.
In New York, the price of arabica coffee for March 2022 futures fell 1.6% to $2,4020/lb, down from a 10-year high ($2,5235/lb) on December 7, 2021.
In London, the price of Robusta coffee in March 2022 increased 0.4 percent to $2,306 per tonne, just below the 10-year high ($2,334 per ton) on December 7, 2021.
Sugar prices fall
The price of raw sugar for March 2022 on the ICE floor fell 0.6% to 19.69 US cents/lb.
At the same time, the price of white sugar in March 2022 on the London floor decreased by 0.5% to 510.7 USD/ton.
Wheat prices at 1-month low, corn and soybeans rise
Wheat prices in the US fell to a one-month low, after a monthly report by the US Department of Agriculture that forecast higher-than-expected global production and inventories, weighed on prices.
On the Chicago Mercantile Exchange, wheat futures for March 2022 fell 17-3/4 US cents to 7.76-3/4 USD/bushel and touched the lowest level since 9/11/2021. Maize futures in March 2022 rose 4-1/2 US cents to 5.91-3/4 USD/bushel – a 1.5-week high and January 2022 soybean futures rose 3-1/2 US cent to 12.64-1/2 USD/bushel.
Indian rice prices are at 5-year low, falling in Vietnam and Thailand
India’s export rice prices fell to their lowest level since December 2016 as the rupee weakened, prompting exporters to cut orders amid increased supply from the new harvest.
In India – the leading rice exporter, the price of 5% broken rice fell to 351-356 USD/ton, compared with 353-358 USD/ton a week ago. The Indian rupee hit a two-month low on December 9, 2021.
For the 5% broken type, the price of Vietnamese rice dropped to $410-414/ton from $415-420/ton a week ago.
In Thailand, the price of 5% broken rice fluctuated between 385-396 USD/ton compared to 380-397 USD/ton the previous week, due to the strong increase of the Thai baht against the dollar.
Palm oil prices fall
Palm oil prices in Malaysia reversed to fall, ahead of data expected to show a decrease in exports in early December 2021.
Palm oil futures for February 2022 on the Bursa Malaysia exchange fell 66 ringgit, or 1.36%, to 4,775 ringgit ($1,132.86) a tonne, after surging 1.6% in early trading.
Prices of some key items on the morning of December 10:
