Oil prices continue to fall
Oil prices fell, as U.S. industry-related orders fell, while the dollar strengthened, making crude more expensive for non-American customers.
Closing the session on February 2, Brent crude oil fell 67 US cents or 0.8% to $82.17 per barrel and West Texas Intermediate crude fell 53 US cents or 0.7% to $75.88. /bin.
New orders for U.S.-made goods rose in December, while orders for industrial equipment and other machinery fell, the latest Commerce Department data showed.
Jim Ritterbusch of Ritterbusch and Associates said the dollar index rebounded, hitting a nine-month low in early trading, as declining bets on the Federal Reserve raised interest rates also weighed on prices. oil. A stronger greenback makes USD-denominated oil more expensive relative to other currencies.
Natural gas prices remain at 21-month lows
U.S. natural gas prices fell 1% to a new 21-month low, driven by forecasts of warmer-than-normal weather through mid-February 2023.
The price of natural gas for March term on the New York Stock Exchange fell 1.2 US cents, or 0.5%, to $2,456/mmBTU – the lowest since April 2021 – for the second consecutive session.
Gold prices move away from over 9-month high
Gold prices fell nearly 2%, as the dollar recovered and investors sold out to take profits after gold prices rose to a nine-month high.
Spot gold on the LBMA fell 1.8% to $1,915.79 an ounce, after hitting its highest since April 2022 in early trading. Gold futures for April 2023 on the New York Stock Exchange fell 0.6 percent to $1,930.8 per ounce.
The dollar index rose nearly 1% against major currencies, making dollar-denominated gold less attractive to foreign buyers.
Copper price keep going reduce
Copper prices fell, as the dollar strengthened and demand in the top consumer – China – remained weak after the Lunar New Year holiday.
Copper prices on the London bourse fell 0.5% to $9,041 per tonne. For the whole week, copper price decreased by 2.4%.
Copper prices rose from $7,500 a tonne in November 2022 to $9,550.5 a tonne in the session on January 18, 2023, on expectations that Chinese demand would recover after the lifting of strict controls on Covid-19, amid a weakening dollar, made USD-denominated metals cheaper for many customers.
Price iron ore lowest in 2 weeks, steel fell
Dalian iron ore prices fell to a two-week low as traders reassessed demand outlook in the main consumer – China – despite expectations of more stimulus to support the economy. This country’s economy is recovering.
Iron ore futures for May 2023 on the Dalian bourse fell 3.3% to 841.5 yuan ($125.29) per tonne, earlier in the session touching 839 yuan per tonne – the lowest since January 18. 2023.
Iron ore futures in March 2023 on the Singapore Exchange fell 3.8% to 121.2 USD/ton. However, since the beginning of the year, iron ore prices have increased by more than 9%.
Iron ore and steel prices in China hit multi-month highs in January 2023, as the market rebounded from early November 2022 on Beijing’s policy of increasing support for a weak property sector and strict Covid-19 restrictions are lifted.
On the Shanghai exchange, rebar prices fell 2%, hot rolled coil fell 1.8%, coil decreased 0.6% and stainless steel down 3.4%.
Rubber prices in Japan fell next
Rubber prices in Japan fell for the fifth consecutive session, as continued decline in factory activity affected demand, while a drop in rubber prices in Shanghai also put pressure on prices.
The price of rubber for July 2023 on the Osaka floor fell 3.4 yen, or 1.5%, to 225.6 JPY (1.75 USD)/kg, after touching the lowest level since January 17/. 2023 (224.4 JPY/kg) in the early trading session.
At the same time, the price of rubber for the term of May 2023 on the Shanghai floor decreased by 445 CNY to 12,765 CNY (US$1,901)/ton.
The price of rubber for the term of March 2023 on the Singapore floor decreased by 1.8% to 141.4 US cents/kg.
Coffee prices increased in Vietnam, unchanged in Indonesia,
Trading activity in Vietnam resumed after the week-long Lunar New Year holiday, but supply tightened as farmers waited for high prices.
The price of Vietnam’s export robusta coffee (2.5% black & broken) is offered at a discount of 150-180 USD/ton compared to the May 2023 contract on the London floor and compared to the deduction level. 90 USD/ton 1 week before. In the domestic market, green coffee beans were sold at 41,900-43,700 VND (1.79-1.86 USD)/kg, up from 38,900-41,100 VND/kg a week earlier.
In January 2023, Vietnam exported 160,000 tons of coffee, down 30.9% compared to the same month last year. Coffee export turnover in January 2023 decreased by 29.8% compared to the same month last year to 352 million USD.
In Indonesia, the price of Robusta coffee grade 4 (80 defective beans) offered for sale at an additional 130 USD/ton compared to the April 2023 futures contract, unchanged from a week ago.
Soybean and wheat prices up, corn down
Rising soybean prices in the US, as uncertainty about crop prospects in Argentina boosted soybean meal prices.
On the Chicago Mercantile Exchange, soybean futures in March 2023 increased by 13 US cents to 15.33-1/4 USD/bushel, soybean meal futures in March 2023 increased by 7.2 USD to 491.9 USD/bushel. tons, after reaching a high of 493.6 USD/ton. Maize for March delivery fell 6 US cents to $6.75 per bushel, while wheat for the same term rose 1-1/4 US cents to $7.61 per bushel.
Soybean meal prices rose on concerns about the prospects for soybean crop yields in Argentina, the world’s top exporter of soybean meal and soybean oil, affected by the drought.
Indian rice price highest in nearly 2 years, unchanged in Vietnam, slightly down in Thailand
India’s export rice prices rose to their highest level since April 2021, supported by increased demand and tight supply.
In India – the leading rice exporter, the price of 5% broken rice was at $393-398/ton, up from $387-395/ton a week ago.
For the 5% broken type, the price of Vietnamese rice is at $445-450/ton, unchanged from two weeks ago.
In January 2023, Vietnam exported 400,000 tons of rice, down 20.9% compared to the same month last year.
In Thailand, the price of 5% broken rice decreased slightly to $495/ton, compared with $500/ton a week ago.
Palm oil prices fall for 2nd consecutive session
Palm oil prices in Malaysia fell for a second straight session, pressured by weaker Dalian vegetable oil prices, falling exports and a stronger ringgit.
Palm oil futures for April 2023 on the Bursa Malaysia exchange fell 65 ringgit, or 1.7%, to 3,750 ringgit ($883.81) per ton. Generally in January 2023, palm oil prices fell by 8.6% – the second consecutive month of decline.
Prices of some key items in the morning of February 3
