Oil rose slightly
Oil prices rose slightly amid a weaker dollar, but concerns that a winter storm in the US could reduce tourist numbers during the year-end holiday season.
Ending the session, Brent crude rose 19 cents, or 0.2%, to $79.99 a barrel while US West Texas Intermediate (WTI) crude rose 90 cents at $76.09 a barrel.
Oil prices supported by weaker dollar and plans to replenish US gasoline stockpiles, but gains were limited by uncertainty over the impact of rising COVID-19 cases in China .
Cities across China have raced to add hospital beds and build fever screening clinics as international concern that Beijing’s decision to lift its strict “Zero COVID” regime could lead to death virus death and mutation.
Gold and silver recover
Gold prices rose more than 1% to a one-week high, while silver also rose as the market remained focused on the Federal Reserve’s (Fed) interest rate strategy.
Spot gold ended the session up 1.6 percent to $1,815.10 an ounce, while gold futures for February 2023 rose 1.5 percent at $1,825.4.
Spot silver rose 4.6 percent to $24.01 an ounce, its biggest intraday gain since early November.
The yen rose to a four-month high against the dollar after the Bank of Japan stunned the market with its decision to reconsider its yield-curve control policy.
Contrary to market expectations, the Bank of Japan (BOJ) will not make any policy changes until the 10-year term of current Governor Haruhiko Kuroda ends at the end of next March, the BOJ said on Wednesday. December 12 has just decided to double the range of interest rates on 10-year Japanese government bonds (JGB) from +/- 0.25% to +/- 0.5%. Short-term interest rates remained unchanged at negative 0.1% and 10-year Japanese government bond (JGB) yields at around 0%.
Aluminum, copper increase
Copper and aluminum prices rose on December 20 as the dollar weakened and inventories on the London Metal Exchange (LME) dropped sharply, but the number of COVID-19 infections increased in China and oversupply forecast. surplus in the coming year to limit the sharp increase in prices.
Three-month aluminum futures on the LME rose 0.6 percent to $2,376 a tonne, after 32,950 tonnes were prepared for release from LME warehouses, reducing warranted inventories to 237,650 tonnes.
Copper price this session also increased by 0.5% to 8,358 USD/ton.
Grains and soybeans increase
Chicago soybean futures rose as traders watched the South American weather, although prices failed to break through resistance around $15/bushel.
Wheat prices also rose as weather forecast in the US with falling temperatures and sporadic snowfall could kill winter crops. Corn prices increased slightly in line with wheat prices.
Ending the session, soybean prices on the Chicago Board of Trade rose 17-3/4 cents to 14.78-1/2 USD/bushel. Corn prices rose 4-3/4 cents to $6.52/bushel, while wheat rose 2 cents to $7.50-1/2 USD/bushel.
Coffee rose
The price of arabica coffee for March delivery rose 3.5 cents, or 2.1%, to $1,678/lb as the Brazilian real strengthened against the dollar, prompting exporters to limit selling coffee abroad. by reduced profits.
ICE’s coffee stocks stood at 765,583 bags as of December 19, the highest level in more than 5 months. There are also 299,142 bags pending sorting.
Robusta coffee futures in March increased 10 USD, or 0.5%, to 1,868 USD/ton.
Iron ore rose
Iron ore prices in China increased in the past session.
On the Dalian Exchange, May iron ore futures rose 0.2 percent to 804.5 yuan a tonne, while January futures on the Singapore Exchange rose 1.3 percent to $109 a tonne. ton.
Highest cotton more than 2 weeks
Cotton prices on the ICE exchange rose more than 3% to the highest level in more than two weeks due to the general uptrend in commodity prices over the past session and a weaker dollar.
The cotton contract for March delivery rose 2.63 cents, or 3.1%, to 86.71 cents/lb, before hitting its highest since December 1. The price fluctuation range in this session is 83.63 – 86.92 US cents/lb.
Gas drops sharply
Natural gas futures prices in the US market continued to fall about 9% to a 7-week low on forecasts of warmer-than-usual weather in late December and early January.
That price drop comes despite forecasts for next week’s colder weather and higher-than-expected heating demand.
US gas futures remain on track for their most volatile year ever, with volatility expected to hit a record high in 2022 as global gas prices soar this year. , meet US liquefied natural gas (LNG) export demand due to supply disruptions and sanctions related to the conflict between Russia and Ukraine.
Over the volatile few weeks of last month, LNG futures prices fell 52.5 cents, or 9.0%, to $5,326/mmBtu, the lowest close since Oct. 27.
Gas futures prices have risen or fallen more than 5% per day since December 12, up as much as 8% on December 15 and down as much as 11% on December 19.
Reduced rubber
Rubber prices on the Osaka floor and the Upper Haiar floor fell due to the increase in the number of COVID-19 infections in China and the stronger yen.
Rubber contract for May delivery of the Osaka Exchange ended the session down 4.7 yen, or 2.1%, to 223.1 yen ($1.67)/kg. Rubber contracts for delivery of the same term on the Shanghai exchange fell 200 yuan to 12,720 yuan ($1,822) per ton.
Coal reduced
Coal prices fell on expectations that negotiations between Australia and China during this week’s visit to China by the Australian foreign minister would heal a rift in trade relations between the two nations.
The most-traded coking coal price – for May futures – on China’s Dalian Commodity Exchange fell 3.5% to 1,841.5 yuan ($263.79) a tonne.
Coke prices also fell 4.1% to 2,652 CNY/ton.
Prices of some key items in the morning of December 20:
