Market on May 8: Oil and gold prices rose; bronze peaked in history; The whole grain increased

Oil prices rose slightly

Oil prices increased slightly in the weekend session despite the Covid-19 crisis in India getting worse and worse. For the whole week, prices also increased and was the 2nd consecutive week of increase because investors were optimistic about the global economic prospects.

At the end of the week’s session, Brent and West Texas America (WTI) both rose 19 US cents, or 0.3%, to 68.28 USD / barrel and 64.90 USD / barrel, respectively.

For the whole week, both Brent and WTI also increased by more than 1%, the second strongest week in a row as the US and Europe continued to loosen regulations on travel restrictions to fight Covid-19, in the context of The recovery scene of factories is gradually restored and the vaccination campaign will boost demand for fuel to recover.

However, the global demand for oil has recovered unevenly as the number of new Covid-19 infections in India continues to increase, reducing consumption in the importing country and the third largest oil consumption in the world. .

India yesterday announced the number of Covid-19 infections on the day to a record increase, adding 414,188 cases, while the number of deaths also increased 3,915 people, according to data from the Ministry of Health of the country.

Gold increased by more than 1%

Gold prices rose more than 1% in the past session due to data on new US jobs suddenly disappointing at very low levels, causing USD and US Treasury bond yields to quickly reverse.

Ending the last session of the week, spot gold prices increased by 0.84% ​​to $ 1,830.41 / ounce; for the whole week, it increased by 3.5%, the strongest increase since November last year. Gold price in June 2021 session also increased by 0.9% to 1,831.30 USD / ounce.

Record high copper due to speculative buying activities

Copper prices rose sharply in the past session, setting a record high due to active buying by speculators after positive economic data from some major economies in the world and Western economies. recovery from the pandemic.

The last trading session, the futures price for copper delivered after 3 months on the London floor at a time surpassed the historical record of $ 10,190 / ton achieved in 2011 to reach $ 10,435 / ton. Ending the session, copper prices still increased by 3.3% compared to the previous session, reaching $ 1,421 / ton.

On the Shanghai bourse, the June copper price also increased by 2.7% to 74,950 CNY (11,630 USD) / ton, the highest level since May 2006 and only 1.6% lower than the scheduled record. repaired is 76,160 CNY.

Corn peaked for many years due to supply concerns

US corn prices continue to rise due to concerns that global supply will continue to decline.

Traders actively bought in because they feared that prices would increase further due to tight US corn inventories. The US Department of Agriculture (USDA) will release its monthly report next Wednesday.

At the weekend session, the US corn price traded on the Chicago floor at a time reached 7.35-1 / 4 USD / bushel, the highest since March 2013, before ending at 7.32-1 / 4 USD. / bushel, slightly up 13-1 / 2 US cent compared to the previous session.

For the whole week, the price increased by 8.8%.

Corn prices have risen sharply since last year as China increased imports of US agricultural products. In January this year, China continues to buy large quantities of US corn, with 1.36 million tons, the goods will be delivered in 2021/22 (starting from September).

Meanwhile, Brazil’s supply is at risk of a serious drop due to the drought, making buyers forced to choose US corn despite the sky-high prices.

Soybeans record high

Soybean prices this week also rose to the highest level since October 2012 due to concerns about continued declining global supply.

At the end of the week, soybean prices sometimes reached 15.99-1 / 2 USD / bushel, an unprecedented level since October 2021, before ending at 15.89-3 / 4 USD / bushel, still 20-1 / 4 US cent higher than the previous session.

For the whole week, soybean prices increased by 3.6%, equivalent to an increase in corn prices.

Preliminary forecasts suggest that USDA will announce US soybean stocks at the end of the 2021/22 crop year at just 138 million bushels, and crop yields for 2020/21 will drop to 117 million bushels, from 120 million bushels. forecast last month.

Wheat is 8 years highest

Sharing the same uptrend in grain prices, wheat prices last session also increased by 8-1 / 2 US cents to 7.61-3 / 4 USD / bushel on the Chicago floor, close to the highest level in 8 years. be on last week.

Coffee retreated from a 4-year high

Arabica coffee price 7/5 session fell from a record high within 4 years in the previous session because investors decreased buying when the price was too high.

Ending this session, arabica term in July decreased 1.4%, equivalent to 0.9%, down to 1.5290 USD / lb. The contract reached $ 1.5540 on Thursday 7/5, the highest since January 2017.

Arabica prices have risen recently due to dry weather in Brazil – the world’s leading arabica producer, causing production forecast to drop.

Brazilian real currency also contributed to push Arabica prices up. Real rose to a three-month high on May 7.

Investment bank Itau BBA said the outlook for coffee prices will continue to rise as Brazil begins to enter winter, the season where frost is likely. The bank also stated that Brazil is likely to catch rains in the coming days, after a prolonged drought.

Ending session 7/5, robusta prices also fell 8 USD (0.5%) to 1,539 USD / ton.

Sugar discount

Raw sugar futures in July fell 0.06 US cents, or 0.3%, to 17.49 cents / lb, after hitting a week-and-a-half high of 17.89 US cents in previous session.

The dealer said that sugar could be sold a lot in the near future due to the increasing difference in price (deducting) between the July futures contract and the May term, which is a sign that the supply at those times increases.

White sugar futures in August last session also increased by 1.80 USD, equivalent to 0.4% to 464.70 USD / ton.

Reduced rubber

Rubber prices in the Japanese market in the last session of the week increased at the beginning of the session, but decreased at the end of the session after 3 previous gaining sessions.

Specifically, October rubber on Osaka floor decreased by 2.4 JPY at the close, equivalent to 0.9%, to 255.5 JPY (2.3 USD) / kg, after reaching a high level at times. most since March 24 is 260 JPY / kg.

For the whole week, the price increased by 4.3%.

Jiong Gu, an analyst at Yutaka Shoji Co, said: “On Thursday (May 6), short-term investors bought rubber due to lower prices compared to other commodities. the next day they quickly sold it to make a profit. “

On the Shanghai floor, the term rubber in September at the end of the week increased 150 CNY to 14,444 CNY (2,238 USD) / ton at the end of the session.

The amount of rubber stored on the Shanghai floor this week only decreased by 10 tons compared to the previous week.

On the Singapore floor, the price of rubber in June also increased by 0.5% in the last session of the week, to 172.3 JPY / kg.

Iron ore is over 200 USD / ton

Iron ore prices are continuing to rise. At the weekend session, iron ore futures in September on the Dalian trading floor (China) closed the May 7 session, up 6.4% to 1,226.5 CNY (189.78 USD) / ton. reached 1,231 CNY / ton. On the Singapore floor, iron ore term in June increased by 3.9% to 203 USD / ton.

For the whole week, iron ore prices on the Dalian floor increased by about 9% despite the first 3-day holiday, which was the strongest increase since mid-December 2021.

In particular, spot iron ore imported into Chinese seaports exceeded USD 200 / ton due to strong demand for raw materials for steel production from China and concerns of insufficient supply to meet demand.

According to Mysteel, the price of Australian iron ore with a content of 62% CFR at Tan Hoang Dao port on May 6 was 201.15 USD / ton, up 10.95 USD / ton compared to the previous session (May 30) and is the highest level since Mysteel quoted the material, January 2010.

China’s demand for iron ore has increased strongly, especially high quality ores that cause little environmental pollution.

Prices of some key items on the morning of May 8

Market on May 8: Oil and gold prices rose;  bronze peaked in history;  Grains increased simultaneously - Photo 1.

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