Oil highest since 2014
Oil prices continued to rally to near $100 a barrel after Moscow sent troops into two breakaway regions in eastern Ukraine, but fell slightly toward the end of the session on the back of Western efforts to avert what they feared was the fall. the beginning of a large-scale invasion from Russia.
The US and UK announced sanctions targeting Russian banks, while the European Union blacklisted more Russian politicians, and Germany froze the Nord Stream 2 gas pipeline project in the US. The Baltic Sea is worth $11 billion.
Brent oil price in session 2/2 sometimes increased to 99.5 USD/barrel, the highest since September 2014, before ending at 96.84 USD, up 1.52 USD, or 1.5% compared with the previous session.
US West Texas Intermediate (WTI) oil also hit a seven-year high, at $96 per barrel, before ending at $92.35, up $1.28 or 1.4% from the previous session. Friday (February 18) and Monday (February 21) the US market is closed for a holiday.
Iron and steel decrease
Iron ore prices in China fell on February 22 as investors worried about policy uncertainties amid government intervention.
Iron ore for May futures on the Dalian Commodity Exchange ended the session down 0.1% at 685 yuan ($108.04) a ton, although at one point it rose as much as 4.9%. to 719 yuan/ton.
Commonwealth Bank of Australia commodities analyst Vivek Dhar said: “Iron ore is currently caught between two opposing policies in China: It wants to curb inflation and boost economic growth.
The country’s four largest banks on Monday (February 21) lowered mortgage rates in the southern city of Guangzhou, by 20 basis points, in a fresh move aimed at supporting the property sector.
Steel prices also fell this session, with rebar on the Shanghai Futures Exchange down 1.1% to 4,734 yuan/t, hot-rolled coil down 1.3% to 4,850 yuan/mt. stainless steel alone increased 0.7% to 18,785 yuan/ton.
Reduced rubber
Rubber prices on the Japanese market fell in line with the stock market trend amid the escalating Ukraine crisis.
Accordingly, the rubber for August futures on the Osaka floor fell 4.3 yen to 256.9 yen ($2.24)/kg at the end of the session, after touching the highest level since March 23. 265.2 yen.
Japan’s Nikkei stock index fell 1.7% this session, the fourth consecutive session of declines.
Rubber for May term on the Shanghai Stock Exchange last session also fell 270 yuan to 13,990 yuan ($2,208.02)/ton, while rubber for March term on the Singapore Exchange closed at 178.8 US cents/kg, down 0.9%.
Gold slides off 9-month high
Gold prices surged to a nine-month high last session before turning lower later in the session as investors awaited developments in the Ukraine crisis.
Spot gold ended the session down 0.2 percent at $1,902.71 an ounce, during the session when it hit its highest since June 1, at $1,913.89; US gold for April term ended up 0.4 percent higher at $1,907.40 an ounce.
Wall Street’s main indexes all fell as the prospect of harsh Western sanctions on Russia over the conflict with Ukraine spooked investors.
Analysts attributed the slight drop in gold to some profit-taking. That happened “because it’s clear that at the moment the risk premium that is factored into the gold price is quite high,” said Saxo Bank analyst Ole Hansen.
Aluminum and nickel highest in many years
Aluminum and nickel prices have surged to multi-year highs after Russia sent troops into two breakaway regions in eastern Ukraine, stoking fears of war and subsequent sanctions on Russia. Moscow could disrupt Russian exports.
Russia produces about 6% of the world’s aluminum and 7% of the nickel mined. Sanctions on aluminum producer Rusal in 2018 sent the price of the metal up 35% in just a few days.
The price of aluminum 3-month futures on the London Metal Exchange (LME) ended the session on February 22, up 0.7 percent to $3,301.50 per tonne, previously reaching $3,380, close to a record level. of 2008 – was 3,380.15 USD.
Nickel prices also rose 0.9 percent to $24,555 a tonne after touching $24,925, the highest level since 2011.
Soybean, corn, wheat all increase due to Russia-Ukraine tension
U.S. wheat prices rose 6% in the last session, their biggest gain in 3.5 years, while corn rose 3%, on concerns that an escalating conflict between Russia and Ukraine could disrupt grain flows. cups from the key export area of the Black Sea.
Soybean prices also jumped 4% to a nine-month high as energy prices surged amid continued market concerns about the risk of crop failure in South America due to bad weather.
Wheat futures in March on the Chicago Mercantile Exchange ended the session up 47-1/4 cents to 8.44-1/4 USD/bushel; Wheat for May delivery rose 48-1/2 cents (6%) to $8.52-1/2 per bushel.
The price of corn for March delivery sometimes increased to 6.76-3/4 USD/bushel, before ending at 6.74-3/4 USD, up 20-1/2 cents compared to the previous session. Meanwhile, soybeans for March delivery SH2 rose 33-1/2 cents to $16.35/bushel, after peaking at $16.41-1/4.
Sugar prices increase
The price of raw sugar increased sharply due to the escalation of Russia-Ukraine tensions, which pushed up energy prices.
Raw sugar for March futures was up 0.28%, or 1.5%, to 18.48 cents/lb, its highest level in a week.
White sugar delivered in May this session also increased by 8.20 USD or 1.7% to 494.30 USD/ton.
Coffee rose
Robusta coffee for March delivery rose 4.6% to $2,360/ton, the highest since January 12. April robusta contract increased by $26, or 1.2%, to $2,260/ton.
Sharing the same trend, arabica for May delivery rose 1.25%, or 0.5%, to $2.4725/lb.
Prices of some key items in the morning of February 23:
