Oil prices fell more than 2%
Oil prices fell more than 2% from a seven-year high, as the resumption of indirect talks between the US and Iran could revive an international nuclear deal and allow for more oil exports from other countries. OPEC production.
Closing the session on February 8, Brent crude oil fell 1.91 USD, or 2.1%, to 90.78 USD/barrel, sometimes reaching 94 USD/barrel – the highest since October 2014 and West Texas Intermediate crude fell $1.96, or 2.1%, to $89.36 a barrel.
In the previous session, Brent crude oil prices rose to $94 per barrel – the highest since October 2014 and WTI reached $93.17 per barrel – the highest since September 2014.
The US-Iran deal could bring more than 1 million barrels per day (bpd) to the market from Iran, boosting global supply by about 1%.
The US Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO), US oil production will increase to 12 million bpd in 2022 and 12.6 million bpd in 2023 from 11.2 million. million bpd in 2021 and against a record high of 12.3 million bpd in 2019.
In addition, oil prices are under downward pressure due to the prospect of an increase in US crude inventories. Analysts expect US crude inventories to increase by 400,000 barrels in the week to February 4, 2022.
Natural gas prices increase
U.S. natural gas prices rose, as forecasts of colder-than-expected weather and strong heating demand over the next two weeks offset slowing output growth after weeks of inclement weather.
The price of natural gas for March March 2022 on the New York Stock Exchange rose 1.6 US cents, or 0.4%, to $4,248/mmBTU, in the previous session hitting the lowest level since January 25, 2022.
Gold price highest in nearly 2 weeks
Gold prices rose to a near two-week high, boosted by inflation concerns and Russia-Ukraine tensions, but rising US interest rates are expected to limit gains.
Spot gold on the LBMA rose 0.4 percent to $1,827.86 an ounce, earlier in the session reaching $1,828.12 an ounce — the highest since January 26, 2022, and April 2022 gold futures on the LBMA exchange. The New York Stock Exchange rose 0.3% to $1,827.9 an ounce.
U.S. consumer prices are expected to increase 7.3 percent year-on-year in January, a Reuters poll showed, after strong employment data last week raised concerns about inflation.
Aluminum price highest in 14 years
Aluminum prices rose to their highest levels since 2008, fueled by concerns about tight supply and falling inventories.
Aluminum prices on the London floor rose 1.6 percent to $3,183.5 per tonne, after rising to a high of $3,236 per ton. Thus, since the beginning of the year, aluminum prices have increased by 14% after a 42% increase in 2021, when China – a producer that accounts for more than half of global supply – has limited output to reduce pollution. .
Aluminum stocks in London hit their lowest level since 2007 (767,700 tonnes), down nearly 2 million tonnes from March 2021. At the same time, aluminum inventories in Shanghai fell nearly 20% to 266,906 tons since the beginning of the year.
Russia is a major aluminum producer, and the threat of sanctions against Russia if it attacks Ukraine has raised supply concerns.
Prices of coking coal, steel and iron ore all increased
Coking coal prices in China rose more than 7% to a more than 3-month high, as tight supply coupled with increased steel output and downstream demand also boosted the market.
The price of coking coal for May 2022 futures on the Dalian Exchange rose 7.6% to CNY 2,470 (US$388.25) a tonne – the highest since October 27, 2021, after the price of thermal coal in Zhengzhou 10% increase.
On the Dalian bourse, iron ore prices rose 1.1% to CNY 821 a tonne, after gaining 3.5% in early trading. Coke prices rose 4.4% to CNY 3,133/ton.
Spot price of 62% Fe iron ore to China increased by $5 to $147.5 a ton, consulting firm SteelHome said.
On the Shanghai floor, the price of rebar increased 1.6% to 4,912 CNY/ton, hot rolled coil price increased 2.1% to CNY 5,061/ton. The price of stainless steel in March 2022 increased 2.1% to 18,105 CNY/ton.
Rubber price in Japan highest in 2 weeks
Rubber prices in Japan increased to the highest level in more than 2 weeks, following the trend of rubber prices in Shanghai increasing, along with the decrease of the JPY against the USD also supported the price.
The price of rubber for the term of July 2022 on the Osaka floor increased by 1.7 JPY, or 0.7%, to 248.7 JPY (2.2 USD)/kg, earlier in the session reached 249.9 JPY/kg – high as of January 21, 2022.
At the same time, the price of rubber in May 2022 on the Shanghai bourse increased by 195 CNY to 14,650 CNY (US$2,301)/ton.
Coffee prices increase
Arabica coffee prices rose 3% to near $2.50/lb, as inventories hit a 20-year low.
The price of arabica coffee for March 2022 on the ICE floor increased by 7.3 US cents, or 3%, to $2,4895 per lb.
At the same time, the price of robusta coffee in May 2022 on the London floor increased by 16 USD, or 0.7%, to 2,234 USD/ton.
Stocks of arabica at ICE fell to 1.06 million bags (60 kg/bag) – a 20-year low and down sharply from 1.54 million bags at the end of 2021.
Sugar prices increase
The price of raw sugar in March 2022 on ICE increased 0.03 US cents, or 0.2%, to 18.08 US cents/lb.
At the same time, the price of white sugar in May 2022 on the London floor increased by 1.4 USD, or 0.3%, to 483 USD/ton.
Soybean prices leave 8-month high, corn falls, wheat rises
Soybean prices in Chicago fell after hitting an eight-month high, ahead of the US Department of Agriculture’s monthly supply and demand report that expected a fall in South American crop yields.
On the Chicago Mercantile Exchange, soybean prices fell 12-3/4 US cents to $15.69/bushel. Corn prices fell 3 US cents to 6.32-1/4 USD/bushel, wheat prices increased 10 US cents to 7.78-3/4 USD/bushel.
Palm oil prices continue to fall
Palm oil prices in Malaysia had the biggest drop in three weeks, as a decline in other vegetable oil prices boosted selling activity.
Palm oil futures for April 2022 on the Bursa Malaysia exchange fell 1.63% to 5,446 ringgit ($1,301.94) a tonne – the biggest drop since January 17, 2022. Earlier in the session, the price of palm oil fell sharply by 3.39%.
Prices of some key items on the morning of February 9:
