Oil prices left the chain of 3 consecutive declines
Oil prices rose 1%, ending a three-day losing streak, following a report that Saudi Arabia and Russia discussed to stabilize the oil market.
Closing the session on March 16, Brent crude oil increased by 1.37 USD, or 1%, to 74.7 USD/barrel. West Texas Intermediate crude rose 74 UScents, or 1.1%, to $68.35 a barrel.
Saudi Arabian state media reported that the country’s Energy Minister Prince Abdulaziz bin Salman and Russian Deputy Prime Minister Alexander Novak met in the capital of Saudi Arabia to discuss OPEC+ efforts to maintain market equilibrium. The two sides remain committed to the OPEC+ decision by October 2022 on a target to cut output by another 2 million bpd until the end of 2023.
Natural gas prices increase
U.S. natural gas prices rose, following a trend in financial markets, but gains were limited following reports of lower heating demand due to less cold weather forecasts.
The price of natural gas in April 2023 on the New York Stock Exchange increased by 7.5 US cents, or 3.1%, to $2,514/mmBTU.
Gold price continues to increase
Gold prices rose to a 1.5-month high, on fears of a continuing banking crisis, after the European Central Bank raised interest rates despite risks to financial stability.
Spot gold on the LBMA was up 0.1% to $1,919.31 an ounce, after rising to its highest level since early February 2023 ($1,937.28 an ounce) in the previous session and gold futures for the month. April 2023 on the New York Stock Exchange fell 0.4 percent to $1,923 per ounce.
Copper price increases
Copper prices rose, following a huge emergency funding from the Swiss central bank to Credit Suisse, easing fears that economic turmoil affecting the banking sector could spread.
Copper prices on the London floor increased 0.5% to 8,543 USD/ton. In the previous session, copper prices fell 3.7% – the biggest drop since July 2022.
Iron ore and steel prices fall
Iron ore prices in Dalian and Singapore both fell, along with steel prices in China, due to fears of a banking crisis.
Iron ore futures for May 2023 on the Dalian bourse fell 2.8 percent to 902 yuan ($130.75 per ton), after touching 897.5 yuan per tonne – the lowest since March 9, 2023. .
At the same time, the price of iron ore for April 2023 on the Singapore Exchange dropped 2.9% to 128.35 USD/ton.
On the Shanghai bourse, the price of rebar fell 3.5%, hot rolled coil fell 3.5%, coil fell 4.6% and stainless steel fell 1.1%.
Top steel producer China – which announced plans to cut crude steel production annually this year also put pressure on prices of iron ore and other steelmaking raw materials, along with data in the region. China’s real estate sector slows down.
China will once again cut its annual crude steel output in 2023. This is the third year in a row that the government has mandated an output cap to match its emissions reduction program.
Lowest rubber price in 2 years
Rubber prices in Japan fell to a 2-year low, following the trend of rubber prices in the Shanghai market, as new concerns about the banking crisis put pressure on the market, along with a rise in the JPY. strong also caused buying activity to decline.
The price of rubber for August 2023 on the Osaka floor decreased by 5.7 JPY, or 2.7%, to 207.9 JPY (1.57 USD)/kg. At the beginning of the session, rubber prices hit the lowest level since April 2021 (206.6 JPY/kg).
At the same time, the price of rubber for the term of May 2023 on the Shanghai floor decreased by 435 CNY to 11,570 CNY (US$1,676.47)/ton.
The price of rubber for April 2023 on the Singapore Exchange fell 3% to 128.7 US cents/kg.
Coffee prices fell in Vietnam, rose simultaneously in Indonesia, New York and London
Coffee prices in Vietnam’s domestic market fell in line with global market trends, while supplies from the Indonesian coffee harvest were scarce due to adverse weather.
The price of Vietnam’s export robusta coffee (2.5% black & broken) is offered at a discount of 20 USD/ton compared to the May 2023 futures contract on the London bourse. In the domestic market, green coffee beans were sold for 46,300-47,400 VND ($1.96-2.01)/kg, down from 47,400-48,500 VND/kg a week earlier.
In Indonesia, the price of Robusta coffee grade 4 (80 defective beans) offered for sale at a premium of 135 USD/ton compared with the July contract in July 2023 on the London floor, compared with the plus 70 USD/ton and compared with the contract. term of May 2023 on the London floor 1 week ago.
In New York, the price of arabica coffee for May 2023 futures rose 7.45 US cents, or 4.3%, to $1,8005/lb – the highest since March 7, 2023.
In London, the price of Robusta coffee in May 2023 increased by 35 USD, or 1.7%, to 2,104 USD/ton.
Sugar prices increase
The price of raw sugar for May 2023 on the ICE floor increased 0.26 US cents, or 1.3%, to 20.76 US cents/lb.
At the same time, the price of white sugar in May 2023 on the London floor increased by 5.2 USD, or 0.9%, to 585.6 USD/ton.
Corn and soybean prices up, wheat down
Corn prices in Chicago rose for a third session in a row as U.S. export demand picked up, while wheat prices fell as the United Nations pushed for an extension of a Black Sea grain deal.
On the Chicago Mercantile Exchange, corn futures in May 2023 rose 6-1/4 US cents to 6.32-3/4 USD/bushel. Wheat futures for May 2023 fell 3-3/4 US cents to $6.99/bushel. Soybean futures for delivery rose 2-1/4 US cent to $14.91-1/2/bushel, after falling to $14.78/bushel – the lowest since February 28, 2023.
Rice prices increase in Vietnam, decrease in India and Thailand
The price of Vietnamese rice exports increased, mainly to China, while the price of rice in the top exporting countries – India and Thailand – was under pressure due to the weakening of the local currency.
For the 5% broken type, the price of Vietnamese rice is at 450 USD/ton, up from 440-445 USD/ton a week ago.
In India – the leading rice exporter, the price of 5% broken rice was at $382-387/ton, down from $385-390/ton a week ago.
In Thailand, the price of 5% broken rice was at $455/ton, down slightly from $460/ton a week ago.
Palm oil price at least 1 month
Palm oil prices in Malaysia fell to a one-month low, pressured by weaker prices of other vegetable oils and concerns about the US banking crisis.
Palm oil futures for June 2023 on the Bursa Malaysia exchange fell 32 ringgit, or 0.81%, to 3,935 ringgit ($874.44) per ton. Palm oil prices fell for the fourth consecutive session in five sessions to the lowest level since February 15, 2023.
Prices of some key items in the morning of March 17
