Oil prices were mixed
Oil prices were mixed after gaining in the previous week, due to global corona virus restrictions sparking concerns about fuel demand, while a strong dollar also put pressure on prices.
Closing session on January 11, Brent crude fell 33 cents to $ 55.66 a barrel, rebounding from a low of $ 54.99 a barrel and West Texas WTI crude oil rose 1 US cent to $ 52.25. /bin.
Last week, Brent and WTI oil prices rose about 8%, supported by Saudi Arabia’s commitment to cut oil production by 1 million barrels a day in February 2021 and March 2021, as part of the deal. to most OPEC + producing countries to keep oil production stable.
The strong dollar was supported by stimulus measures aimed at boosting the world’s largest economy, which also put pressure on oil prices. Oil is usually denominated in USD, so a strong dollar increase makes crude oil more expensive to buy in other currencies.
The Saudis plan to cut production, analysts say, will leave the oil market in shortages in 2021, even if the restrictions hurt demand. Goldman Sachs expects the price of Brent oil to rise to 65 USD / barrel by the summer of 2021, due to the production cut and the transfer of power to the Democrats in the US.
The price of natural gas is highest for nearly 3 weeks
The price of natural gas in the US increased by nearly 2% to the highest level of nearly 3 weeks, after the forecast that the temperature in the next 2 weeks will be lower than expected.
The price of natural gas in February 2021 on New York floor increased by 4.7 US cent, equivalent to 1.7% to 2,747 USD / mmBTU – the highest since December 22, 2020.
The lowest gold price for 6 weeks, silver is the lowest for nearly a month
Gold price dropped to a 6-week low in the beginning of the session, due to the increase in USD and higher US bond yields on the expectation of more financial stimulus measures.
Spot gold on the floor LBMA decreased 0.1% to 1,846.61 USD / ounce, during the session at some time hit 1,816.53 USD / ounce – the lowest since December 2, 2020, while gold futures in February / 2021 on the floor of New York increased 0.8% to 1,850.8 USD / ounce.
The USD index rose to a 3-week high, driven by 10-year US bond yields.
Silver prices fell 1.4% to $ 25.02 / ounce, during the session at $ 24.3 / ounce – the lowest in nearly a month.
Copper price decreased
The fall in copper prices due to corona virus infections in the leading consumer country – China – increased, arousing concerns about demand, at the same time a sharp increase in USD and rising US-China tension also put pressure on prices. .
Copper price on London floor dropped 3.4% to 7,852 USD / ton, in previous session, copper price reached 8,238 USD / ton – the highest since February 2013.
Copper prices fell to a 4-year low ($ 4,371 / ton) in March 2020, due to corona virus restrictions affecting production activities.
A strong dollar makes metals bought with dollars more expensive when buying with other currencies. This could reduce demand.
Prices of steel products, iron ore and coke all fell
Price of steel products in China fell, with stainless steel falling due to increased inventories for the second week in a row due to decreased crop demand, while increased Covid-19 infections in the country also put market pressure. .
On the Shanghai floor, the price of rebar in May 2021 decreased by 2.8% to 4,348 CNY (671.56 USD) / ton. HR coil price dropped 4.2% to 4,458 CNY / ton. The price of stainless steel in March 2021 decreased 5% to 13,930 CNY / ton.
At the same time, on the Dalian floor, the price of iron ore dropped 1.7% to 1,046 CNY / ton and coke price dropped by 3.8% to 2,844 CNY / ton.
As of January 7, 2021, industrial metal stocks rose for the second consecutive week, up 5 percent from the previous week, rebar inventories rose 5 percent, consulting firm Mysteel said.
The price of coffee decreased
Arabica coffee prices fell due to corona virus restrictions, raising concerns about the demand outlook, and weakening Brazilian reals also put pressure on prices.
Arabica coffee futures in March 2021 on ICE decreased by 2.25 US cents, equivalent to 1.8% to $ 1,2145 / lb, in the beginning of the session to reach $ 1,191 / lb – the lowest since mid-December / 2020.
At the same time, the price of Robusta coffee delivered in the same period fell 3 USD, equivalent to 0.2%, to 1,315 USD / ton.
Brazilian real currency hit the lowest level since mid-November 2020 pressure on prices to fall.
Sugar prices increase
Raw sugar price in March 2021 on ICE increased 0.07 US cent to 15.67 US cents / lb, in the previous week, the price of raw sugar increased to a peak of 16.33 US cent / lb – the highest. as of May 2017.
At the same time, the price of white sugar delivered for the same period on the London floor increased by 3.2 USD to 437.9 USD / ton.
The supply of sugar in the short term is tightened by the decline in sugar production in Thailand, which also supports the price, especially white sugar.
The prices of soybeans, corn and wheat all fell
Soybean prices in the US fell from a 6.5-year high, due to rains supporting crops in South America and investors waiting for US government crop production forecast data.
On the Chicago floor, soybean futures prices in March 2021 decreased 2-1 / 4 US cents to 13.72-1 / 2 USD / bushel, in the beginning of the session reached 13.88-3 / 4 USD / bushel – the highest level since June 2014. Corn price in March 2021 decreased 4 US cents to 4.92-1 / 4 USD / bushel and the price of wheat delivered in the same period decreased 4 US cents to 6.34-3 / 4 USD / bushel.
Palm oil prices fell by more than 1%
Palm oil prices in Malaysia fell, as imports of the second largest palm oil producer in the world in December 2020 reached a record high.
Palm oil futures price in March 2021 on Bursa Malaysia fell 55 ringgit equivalent to 1.4% to 3,775 ringgit (933.94 USD) / ton.
The Malaysian Palm Oil Commission (MPOB) said that the country’s palm oil imports in December 2020 doubled to a record high. Malaysia’s palm oil imports in December 2020 increased 150% from the previous month to 282,058 tons. At the same time, Malaysia’s crude palm oil import in December 2020 increased 176% from the previous month to 120,337 tons.
Prices of some key items on the morning of January 12
