Oil prices rise more than 1%
Oil prices rose $1 a barrel, supported by a surprise drop in US consumer prices in December 2022 and optimism about China’s demand outlook.
Closing the session on January 12, Brent crude oil gained 1.36 USD or 1.7% to 84.03 USD/barrel and West Texas Intermediate crude oil increased 98 US cents or 1.3% to 78.39 USD/barrel.
The US consumer price index fell 0.1%, which shows that inflation is currently on a downward trend. At the same time, the top oil importer – China – reopened its economy after the end of strict Covid-19 restrictions, boosting expectations of higher oil demand.
In addition, the increase in oil prices was also due to the dollar falling to a near 9-month low against the euro, after inflation data raised expectations that the US Federal Reserve would slow down the pace of interest rate hikes in the near future. next.
Natural gas prices continue to increase
U.S. natural gas prices rose 1%, driven by stronger-than-expected demand forecast this week, colder-than-normal weather through the end of January 2023, and uncertainty over factory output. Freeport liquefied natural gas (LNG) in Texas will be shut down for seven months due to a power outage.
The price of natural gas for February 2023 on the New York Stock Exchange increased by 2.4 US cents, or 0.7%, to $3,695/mmBTU. Earlier in the week, natural gas prices hit their lowest levels since December 30, 2021.
Gold price approaches the threshold of 1,900 USD/ounce
Gold prices rose more than 1% to near $1,900 an ounce, after data showed signs of US inflation slowing, boosting bets the Federal Reserve would raise interest rates more slowly.
Spot gold on the LBMA rose 1.1% to $1,896.3 an ounce, earlier in the session reaching $1,901.4 an ounce — the highest since May 2022. Gold futures for February 2023 on the New York Stock Exchange rose 1.1% to $1,898.8 per ounce.
U.S. consumer prices rose 6.5% in December, after rising 7.1% in the previous month.
At the same time, the dollar fell 0.8% to its lowest level since early June 2022, making gold more attractive to buy in other currencies.
Copper price highest in 7 months
Copper prices rose to a seven-month high, after US consumer prices unexpectedly fell.
Copper for three-month delivery on the London Stock Exchange rose 0.6 percent to $9,178 a tonne. Earlier in the session, copper prices reached $9,240 per tonne – the highest since June 16, 2022, after US inflation data boosted expectations that central banks might ease interest rate hikes.
Iron ore prices increase, rebar remains stable
Dalian iron ore prices rose for a third straight session, with Singapore iron ore rising to a six-month high, bolstered by optimism about the demand outlook in top steel producer China.
Iron ore futures for May 2023 on the Dalian bourse rose 1.4% to 855.5 CNY ($126.57) per ton.
Iron ore futures February 2023 on the Singapore Exchange increased 1% to the highest level since June 2022 ($123.25/ton).
On the Shanghai bourse, rebar prices remained firm, hot rolled coil rose 0.2 per cent and stainless steel 0.6 per cent, while coil fell 0.2 per cent.
Rubber prices in Japan increase
Rubber prices in Japan rose, boosted by higher crude oil prices, despite falling rubber prices in Shanghai and a strong JPY that put pressure on the market.
The price of rubber for June 2023 on the Osaka floor increased 1 JPY, or 0.4%, to 226 JPY (1.72 USD)/kg, after reaching the highest level since December 20, 2022 in the early session. transaction.
Meanwhile, the price of rubber in May 2023 on the Shanghai floor fell 80 CNY to 12,970 CNY (US$1,919)/ton.
The price of rubber for February 2023 on the Singapore Exchange fell 0.7% to 135 US cents/kg.
Coffee prices fall in Vietnam, rise in Indonesia
Vietnam’s coffee market traded quietly, as farmers did not sell coffee when the asking price was unattractive and demand was weak, while coffee prices increased in Indonesia due to limited supply.
The price of Vietnam’s export robusta coffee (2.5% black & broken) is offered at a discount of 80-90 USD/ton compared to the May 2023 futures contract on the London floor. In the domestic market, green coffee beans were sold for 38,400-40,100 VND ($1.64-1.71)/kg, down from 40,100-41,200 VND/kg a week earlier.
Vietnam’s coffee exports in December 2022 increased by 53.5% over the previous month to 197,077 tons. In general, in 2022, Vietnam exported 1.78 million tons of coffee, up 13.8% over the previous year. Vietnam’s coffee export turnover in 2022 will reach 4.1 billion USD.
In Indonesia, the price of Robusta coffee grade 4 (80 defective beans) is offered at a premium of 130 USD/ton compared to the March contract and offered at 180-190 USD/ton compared to the futures contract. February 2023.
Corn, soybean and wheat prices continue to rise
Chicago corn and soybean prices rose, after the US Department of Agriculture (USDA) unexpectedly cut its 2022 harvest estimate for both crops, which means lower supply than expected.
On the Chicago Mercantile Exchange, corn futures in March 2023 increased by 15 US cents to $6.71 per bushel, the strongest increase in four months. Soybean futures futures rose 25-1/2 US cents to 15.18-1/2 USD/bushel and wheat futures March 2023 increased 2-3/4 US cents to 7.42-3 /4 USD/bushel.
Rice price in Thailand highest in nearly 2 years, decreased in Vietnam, unchanged in India
Thailand’s export rice prices rose to a near-two-year high, buoyed by a strong baht and solid demand, while Vietnam’s rice prices fell to a six-week low, as trading activity slowed ahead of the period. lunar New Year holiday.
For the 5% broken type, the price of Vietnamese rice is at $445-450/ton, down from $458/ton a week earlier.
In Thailand, the price of 5% broken rice increased to $495/ton, compared with $480/ton a week ago. This is the highest level since March 2021, boosted by a strong baht and increased demand.
In India – the leading rice exporter, the price of 5% broken rice is at 375-382
USD/ton, unchanged from 1 week ago.
The price of white rice in India increased to 398-405 USD/ton, from 394-400 USD/ton a week ago due to increased demand.
Palm oil prices still hit 3-week low
Palm oil prices in Malaysia were unchanged, but still hovering around a three-week low, on concerns about weak demand.
Palm oil futures in March 2023 on the Bursa Malaysia exchange fell 3 ringgit, or 0.08%, to 3,908 ringgit ($896.95) per ton.
India’s palm oil imports in December 2022 fell 2.8% month-on-month to 1.11 million tonnes, while vegetable oil imports rose 1.3% to 1.57 million tonnes.
Prices of some key items on the morning of January 13:
