Oil rose
Oil prices rose on Tuesday as a drop in US inventories raised expectations that demand would continue to improve ahead of peak driving season, which offset concerns that supply as Iran returns. exports will cause a surplus in the market.
Ending this session, Brent oil rose 16 US cents (0.3%) to 68.87 USD/barrel; West Texas Intermediate (WTI) oil rose 14 US cents (0.2%) to $66.21 per barrel.
Data from the United States showed crude inventories at the Cushing storage hub last week fell to their lowest levels since March 2020 as refineries increased their utilization rates to pre-production levels. the Covid-19 pandemic occurred. The country’s petroleum stocks rose to 9.5 million bpd (indicating impending demand), while distillate stocks also rose.
However, oil market participants are closely watching developments in the US-Iran talks that could lead to the lifting of sanctions on Iran’s energy sector so that the country can return to selling oil. on the export market.
Gold falls below $1,900/ounce as USD and US bond yields both recover
Gold price on May 26 session at one point surpassed the level of 1,900 USD / ounce, but returned below this level at the end of the session when the USD recovered and the US Treasury bond yields also increased, reducing strength. The attractiveness of gold, although the hope that the US Federal Reserve (Fed) will keep its dovish policy stance makes gold prices only slightly lower.
At the end of this session, spot gold fell 0.3% compared to the previous session, down to 1,893.2 USD/ounce; in the session sometimes reached 1,912.5 USD; however, June gold futures rose 0.2 percent to $1,901.2 an ounce.
Edward Moya, senior market analyst at OANDA, said that rising US bond yields and the strength of the dollar caused some people to withdraw their investment money from gold.
Several Fed officials have reiterated their commitment to a dovish policy stance, while Fed Vice Chairman Richard Clarida said on Thursday they could contain the inflationary flare-up if that happens. without derailing economic recovery.
Copper rises as Chilean miners plan to strike
Copper prices rose in the past session as workers at the Escondida and Spence copper mine of BHP (Chiel) – the world’s largest mine – are planning a strike, threatening to further reduce the already scarce copper supply. again.
At the end of the session, 3-month copper futures on the London Stock Exchange rose 0.6% to $9,980/ton. “If this strike happens at the Spence and Escondida mines, that will be a problem for the market,” said Roskill copper analyst Jonathan Barnes.
He said other risks to South American supply include uncertainty about the new constitution in Chile and the cost of mining rights there.
USD is the lowest in 5 months, the more support to push up the price of copper.
Iron and steel continue to fall sharply
Iron and steel prices on the Chinese market continued to fall deeply because the Shanghai Commodity Exchange announced that it would consider “unusual transactions”, increasing the downward pressure after the Chinese Government had a series of orders. moves to control inflation.
At the end of the session, the price of iron ore on the Dalian bourse fell 6.1% to 994.5 CNY/ton, sometimes down to 992 CNY, the lowest since April 12; iron ore on the Singapore floor also fell 5.7% to 166.75 USD/ton.
Meanwhile, the price of rebar on the Shanghai bourse fell 6% to 4,667 CNY (US$729.79) per ton, after at one point during the day it fell to only CNY 4,661, the lowest since March 24 (4 weeks); Hot rolled coil dropped 5.4% to 5,017 CNY/ton at the end of the session, after a time down to only 5,011 CNY.
The chairman of the Shanghai Exchange, Jiang Yan, told a forum that the department would “closely monitor market changes, vigorously investigate unusual transactions” amid commodity prices in China. Quoc has made big moves recently.
Meanwhile, construction steel demand in China is forecast to slow down due to recent weeks of rain with record water levels in some central and southern regions of China, although overall rainfall year-to-date, 10% lower than the same period last year.
Rubber rose
Rubber prices in the Japanese market increased recently after it was announced that the Government will spend about 239 billion USD to help the economy recover after the Covid-19 pandemic.
Ending this session, rubber for October term on the Osaka floor increased by 3.9 JPY (1.6%) to 255.2 JPY/kg.
The Japanese government is expected to develop a plan to supplement the budget in October or November, ruling party senior lawmaker Kozo Yamamoto said.
The price of rubber for September term on Shanghai trading floor this session also increased by 0.4% to 13,755 CNY/ton.
Corn recovers from 1-month low, soybeans and wheat fall further
U.S. corn prices reversed slightly higher after the previous sell-off, but gains were limited by favorable seasonal weather throughout the US Midwest.
Meanwhile, soybean prices continued to fall due to good weather, while wheat also hit a 6-week low due to a high US winter outlook and stiff competition in the export market.
At the close of trading on the Chicago Board, July corn futures rose 4-1/4 cents to 6.24-1/2 USD/bushel, soybeans for July delivery also fell 8-1/4 cents to 15, 03-1/2 USD/bushel, while wheat for the same period fell 8 US cents to 6.48-1/2 USD/bushel.
Highest coffee in 4 years
Arabica coffee prices hit a four-year high amid concerns about tight supplies in Brazil, the world’s top arabica producer, and traffic problems in Colombia.
At the end of the session, the price of arabica for delivery in July increased 5.2 US cents (3.5%) to $1,557/lb, after hitting a four-year high of $1,5675 at one point.
Robusta for July term this session also increased by 15 USD, or 1.0%, to 1,503 USD/ton.
Falling line
Sugar prices fell to close to the 1-month low as at the beginning of the week because the supply is still relatively abundant and traders see no reason for the price to increase sharply at this time.
Ending the session, raw sugar for July futures fell 0.26%, or 1.5%, to 16.78 cents/lb, after touching a 1-month low of 16.54 cents today. Monday (May 24).
White sugar for August futures also fell 5.90 USD, or 1.3%, to 450.00 USD/ton.
Prices of some key items in the morning of May 27
