Oil prices fell 2%
Oil prices fell 2% as the collapse of the Silicon Valley Bank roiled stock markets and stoked fears of a new financial crisis, but rebounding Chinese demand capped the decline.
Closing the session on March 13, Brent crude oil fell by $2.01, or 2.4%, to $80.77 per barrel, before that, Brent fell to $78.34 per barrel – the lowest since the beginning of the session. January 2023. West Texas Intermediate crude fell $1.88, or 2.5%, to $74.8 per barrel, in early trade, WTI crude oil prices fell to $72.3 per barrel – the lowest since early December 2022. .
US authorities have introduced urgent measures to shore up confidence in the banking system, following concerns about the contagion from the Silicon Valley Bank collapse that led to a late-end sell-off of US assets. last week and state regulators shut down the US-based Signature bank.
The dollar index fell nearly 1% as short-term US Treasury yields fell. A weaker greenback makes oil cheaper to buy in other currencies and often supports oil prices.
Natural gas prices up 7%
U.S. natural gas prices rose 7% on anticipation of increased demand next week, with gas supplies to U.S. liquefied natural gas (LNG) exporters hitting a record high for the month.
The price of natural gas in April 2023 on the New York Stock Exchange increased by 17.6 US cents, or 7.2%, to 2,606 USD/mmBTU. In the previous session, natural gas prices hit their lowest level since February 23, 2023.
Gold price increases
Gold prices rose, on fears of the collapse of the Silicon Valley Bank, raising expectations that the US Federal Reserve would ease its aggressive monetary policy.
Spot gold on the LBMA rose 2.4% to $1,921.06 an ounce – the highest since early February 2023, and gold futures April 2023 on the New York Stock Exchange rose 2.6% to $1,916.5 /ounce.
The dollar and US Treasury yields fell sharply, despite efforts by regulators to control the turmoil of Silicon Valley Bank and Signature.
Copper price increases
Copper prices in London rose in volatile trading, as focus turned to the collapse of Silicon Valley Bank, the largest US bank since the 2008 financial crisis.
Three-month copper futures on the London Exchange rose 0.6 percent to $8,923 a tonne – the highest since March 7, 2023 and after hitting the lowest since January 6, 2023 in early trading. .
Iron ore and rebar prices increase
Dalian iron ore prices rose, with Singapore iron ore prices rising past $130 a tonne, driven by improved steel mill profits and demand outlook in top steel producer China. – gains lifted the market, but regulatory concerns limited the upside.
Iron ore futures for May 2023 on the Dalian bourse rose 0.5 percent to 929 yuan ($134.63) per ton, after having a fifth consecutive week of gains.
At the same time, the price of iron ore for April 2023 on the Singapore Exchange increased by 2.5% to 132 USD/ton – the highest since February 21, 2023.
On the Shanghai Stock Exchange, prices of rebar and hot rolled coil each increased 1%, coil steel was unchanged, while stainless steel decreased 0.5%.
Rubber prices fall
Rubber prices in Japan fell, as the domestic stock market fell again and the JPY rose, but a strong increase in oil prices limited the decline.
The price of rubber for August 2023 on the Osaka floor decreased by 1.5 JPY, or 0.7%, to 217.7 JPY (1.62 USD)/kg. Earlier in the session, rubber prices touched 215 JPY/kg – the lowest since December 2, 2022.
At the same time, the price of rubber in May 2023 on the Shanghai floor decreased by 125 CNY to 11,970 CNY (1,737.4 USD)/ton.
The price of rubber for April 2023 on the Singapore floor increased by 0.5% to 132.3 US cents/kg.
Coffee prices are mixed
The price of arabica coffee for May 2023 on the ICE floor increased by 1.4 US cents, or 0.8%, to $1,792/lb, earlier in the session hitting a more than 1-month low ($1.7325/lb). .
Meanwhile, the price of Robusta coffee in May 2023 on the London floor decreased by 27 USD, or 1.3%, to 2,113 USD/ton.
Sugar prices fall
The price of raw sugar for May 2023 on the ICE floor fell 0.36 US cents, or 1.7%, to 20.8 US cents/lb.
At the same time, the price of white sugar in May 2023 on the London floor decreased by 7.3 USD, or 1.2%, to 582.6 USD/ton.
Corn and soybean prices down, wheat up
Chicago corn and soybean prices fell, while wheat prices rebounded after hitting a 20-month low the previous week.
On the Chicago Mercantile Exchange, the price of red, soft winter wheat for the May term in May 2023 increased by 0.77% to 6.84-1/2 USD/bushel. Soybean futures for May 2023 fell 15-3/4 US cents to 14.91-1/4 USD/bushel – the lowest since 2/3/2023. The price of corn for delivery in the same period fell 3-3/4 US cents to 6.13-1/2 USD/bushel.
Palm oil price lowest in nearly 1 month
Palm oil prices in Malaysia fell to their lowest level in nearly a month, pressured by a decline in other vegetable oils, but the decline was limited by increased export demand.
Palm oil futures for May 2023 on the Bursa Malaysia exchange fell 48 ringgit, or 1.17%, to 4,045 ringgit ($900.49) per ton. Palm oil prices fell for the fifth consecutive session in six sessions to their lowest level since February 15, 2023.
Palm oil prices were affected by lower prices of other vegetable oils, due to competition for market share in the global vegetable oil market.
Prices of some key items in the morning of March 14
