Oil prices continue to fall
Oil prices fell by $3 a barrel, as U.S. crude inventories rose more than expected and concerns that an increase in Covid-19 cases in top importer China would affect fuel demand. Whether.
Closing the session on November 9, Brent crude oil fell $2.71, or 2.8%, to $92.65 a barrel and West Texas Intermediate crude fell $3.08, or 3.5%, to 85. 83 USD/barrel. Both oils fell 3% on the session.
U.S. crude inventories rose 3.9 million barrels to 440.8 million barrels last week, as oil production rose to 12.1 million barrels per day, the U.S. Energy Information Administration said. Meanwhile, analysts expect US crude inventories to increase by 1.4 million barrels.
U.S. gasoline stocks for the week fell 900,000 barrels to 205.7 million barrels, compared with analysts’ expectations for a drop of 1.1 million barrels. Stockpiles of distillates including diesel and heating oil fell by 500,000 barrels – lower than expected.
Lowest price of natural gas in 1 week
Natural gas prices in the US fell 4% to a 1-week low, due to less cold weather forecast until the end of November 2022.
The price of natural gas for December term on the New York Stock Exchange fell 27.3 US cents, or 4.4%, to $5,865/mmBTU – the lowest since November 1, 2022.
Gold price drops
Gold prices fell as the dollar strengthened, while investors awaited the release of important US inflation data.
Spot gold on the LBMA fell 0.4 percent to $1,705.84 an ounce and December 2022 gold on the New York Stock Exchange fell 0.1 percent to $1,713.7 an ounce. In early trading, gold prices hit their highest levels since October 6, 2022 ($1,722.19 per ounce).
The US Consumer Price Index (CPI) report for October 2022 will provide the latest information on US inflation, in the context of the US Federal Reserve raising interest rates strongly.
Copper price highest in more than 2 months, nickel rose
Copper prices rose to a more than two-month high, after Russia ordered it out of Ukraine, stoking hopes that the conflict between Russia and Ukraine is coming to an end.
Three-month copper futures on the London Stock Exchange rose to $8,214 per tonne – the highest since August 26, 2022.
In addition, the copper price increase was also supported by tight supply, copper inventories in London hit a 7-month low, after falling 44% in the past month.
Nickel prices on the London floor rose 2.8% to a 6-week high ($24,700/ton).
Iron ore prices still highest in 2 weeks, steel increases
Dalian iron ore prices hit a two-week high, as financial support for property developers in China boosted iron ore prices.
Iron ore futures for January 2023 on the Dalian Exchange rose 2.6% to 686 yuan ($94.62) a tonne, after hitting the highest since October 24, 2022 (691.5 yuan/t). ton).
At the same time, the price of iron ore for December 2022 on the Singapore Exchange increased by 0.8% to 88.55 USD/ton.
On the Shanghai Stock Exchange, the price of rebar increased 1.5%, coil increased 0.5%, hot rolled coil increased 1.8% and stainless steel increased 0.2%.
However, iron ore demand in China is expected to remain depressed, as negative steel margins cause some steel mills to limit production and winter steel output usually falls.
Rubber prices in Japan left the streak of 3 consecutive increases
Rubber prices in Japan left a 3 consecutive session of gains, influenced by optimism in production decline, amid fears of a global economic recession, but the decline was limited by a high market. Shanghai su rose.
The price of rubber for April 2023 on the Osaka floor fell 1.4 JPY, or 0.6%, to 218.1 JPY (1.5 USD)/kg.
Meanwhile, the price of rubber in January 2023 on the Shanghai floor increased by 105 CNY to 12,615 CNY (US$1,741)/ton.
The price of rubber for December 2022 on the Singapore Exchange increased 0.1% to 128.8 US cents/kg.
Optimism in Japan’s manufacturing sector fell to a 22-month low in November 2022, while the services sector rose to a three-year high, suggesting an uneven post-Covid-19 recovery. Japanese.
Coffee prices fall
The price of arabica coffee for March 2023 on the ICE floor fell 1.8 US cents, or 1.1%, to $1,6235/lb, after falling to $1,6115/lb – the lowest since July. 2021.
At the same time, the price of robusta coffee for January 2023 on the London floor decreased by 12 USD, or 0.7%, to 1,819 USD/ton, after falling to 1,790 USD/ton – the lowest since August 2021.
Sugar prices increase
The price of raw sugar for March 2023 on the ICE exchange rose 0.38 US cents, or 2%, to 19.38 US cents/lb, after hitting a 3.5-month high (19.43 US cents/lb). .
At the same time, the price of white sugar in December 2022 on the London floor increased by 6.2 USD, or 1.2%, to 543.5 USD/ton.
Wheat and corn prices down, soybeans up
U.S. wheat prices fell, after the U.S. Department of Agriculture (USDA) unexpectedly raised its global supply outlook in its monthly report, as bumper crops in Australia, Britain and Kazakhstan offset lower output in Argentina. and EU.
On the Chicago Mercantile Exchange, wheat futures December 2022 fell 21-1/4 US cents to 8.06-1/2 USD/bushel – the lowest since September 6, 2022. Corn futures for delivery fell 3 US cents to $6.64-1/2/bushel, after falling to $6.58/bushel – the lowest since September 2, 2022. Soybean futures for January 2023 increased 5-1/2 US cents to 14.52 USD/bushel.
Palm oil prices continue to fall
Falling palm oil prices in Malaysia, as expected stockpiles build up, coupled with Covid-19 restrictions in the top buyer – China – have pressured the market.
Palm oil futures January 2023 on the Bursa Malaysia exchange fell for the second consecutive session, down 165 ringgit, or 3.78%, to 4,196 ringgit ($895.05) per tonne – the lowest since October 31. 2022.
Pranav Bajoria, director of Singapore-based brokerage Comglobal, said palm oil prices fell ahead of data from the Malaysian Palm Oil Commission that expected higher inventories in Malaysia. Bajoria added that China’s commitment to continue its zero Covid-19 policy also put pressure on palm oil prices.
Malaysia’s palm oil inventories as of the end of October 2022 rose to a 3.5-year high, as production improved while imports fell.
Prices of some key items in the morning of November 10:
