Oil prices up 2%
Oil prices rose 2%, as low diesel inventories boosted buying activity, crowding out higher crude and gasoline inventories.
Closing the session on October 13, Brent crude oil term for December 2022 increased by $ 2.12 or 2.29% to $ 94.57 per barrel and West Texas Intermediate crude oil increased by $ 1.84 or 2. .1% to 89.11 USD/barrel.
Distillate stocks including diesel and heating oil fell by 4.9 million barrels for the week ending October 7, 2022, more than expected for a 2 million-barrel drop to 106.1 million barrels – the lowest since from May 2022, the US Energy Information Administration said. Meanwhile, gasoline inventories increased by 2 million barrels and crude oil inventories were nearly 10 million barrels higher than expected.
However, many investors are still concerned that rising inflation will affect fuel demand. The International Energy Agency warned the global economy could lead to a recession.
The IEA lowered its oil demand growth estimate for this year to 1.9 million bpd (bpd) and in 2023 by 470,000 bpd to 1.7 million bpd.
At the same time, OPEC cut its demand growth outlook for this year by 460,000 bpd to 2.64 million bpd and in 2023 by 360,000 bpd to 2.34 million bpd, due to China’s stringent Covid-19 containment measures country and high inflation.
Natural gas prices up 5%
U.S. natural gas prices rose 5% to a 1-week high from a 3-month low in the previous session, as colder weather forecasts over the next two weeks will boost heating demand.
The price of natural gas for November term on the New York Stock Exchange increased by 30.6 US cents, or 4.8%, to $6,741/mmBTU – the highest since October 6, 2022. In the previous session, natural gas prices hit their lowest level since July 12, 2022.
Since the beginning of the year, natural gas prices are up 80% due to rising global gas prices, boosting US export demand, supply disruptions and sanctions related to the Russia-Ukraine conflict. February 24, 2022.
Natural gas prices are at $44/mmBTU in Europe and $35/mmBTU in Asia.
Gold price drops
The fall in gold prices, due to higher-than-expected US inflation in September 2022, will prompt the US Federal Reserve to raise interest rates positively.
Spot gold on the LBMA fell 0.3% to $1,666.77 an ounce and December 2022 gold on the New York Stock Exchange was unchanged at $1,677 an ounce.
The US consumer price index (CPI) rose 0.4 percent in September 2022 after rising 0.1 percent in August, the Labor Department said. In the past 12 months to the end of September 2022, CPI increased by 8.2% after increasing by 8.3% in August 2022.
Aluminum prices continue to increase
Aluminum prices rose for a second session in a row, following news that the US might ban aluminum imports from Russia.
Aluminum prices on the London floor rose 1.8% to $2,346.5 per tonne, after gaining 3.1% in the previous session.
However, since the beginning of the year, aluminum prices have decreased by 16%.
Aluminum prices rose despite inventories in London rising to 351,900 tonnes – the highest since July 2022, but down from nearly 2 million tonnes in March 2021.
Iron ore price at 3-week low, rebar fell
Dalian iron ore prices fell to a three-week low, as China eased its strict zero-Covid policy, while faltering iron ore demand dragged spot prices to an 11-month low.
Iron ore futures for January 2023 on the Dalian bourse fell 2.5% to CNY 696 ($96.79) a tonne, after hitting the lowest level (CNY 695 a ton) since September 22, 2022. at the beginning of the session.
At the same time, the price of iron ore for November 2022 on the Singapore floor fell 1.1% to 92.75 USD/ton.
Spot prices of 62% Fe iron ore to China touched $95.5 per tonne – the lowest since November 2021, consulting firm SteelHome said.
On the Shanghai trading floor, rebar prices fell 0.6%, hot rolled coil fell 0.9%, while stainless steel increased 0.4%.
Rubber prices in Japan fell
Rubber prices fell in Japan, following the trend of the domestic stock market falling, amid an increase in Covid-19 cases in the top consumer – China – pressured the market.
The price of rubber for the term of March 2023 on the Osaka floor decreased by 1.2 JPY, or 0.5%, to 228.8 JPY (1.56 USD)/kg.
Meanwhile, the price of rubber in January 2023 on the Shanghai floor increased by 25 CNY to 12,815 CNY (US$1,782)/ton.
The price of rubber in November 2022 on the Singapore floor fell 0.8% to 132.2 US cents/kg.
Coffee prices unchanged in Vietnam, down in Indonesia and London, 3-month low in New York
Heavy rains in the provinces of the Central Highlands could disrupt Vietnam’s coffee harvest, while supplies in Indonesia tighten due to late harvest.
The price of Vietnam’s export robusta coffee (type 2.5% black & broken) offered for sale at a discount of 100-130 USD/ton compared to the January 2023 futures contract on the London floor. In the domestic market, green coffee beans were sold for 46,100-47,000 VND ($1.92-1.95)/kg, unchanged from 46,600-47,000 VND/kg a week earlier.
Vietnam’s coffee exports in September 2022 fell 17.8% from the previous month to 92,550 tons. Generally, in the first nine months of the year, Vietnam exported 1.34 million tons of coffee, up 13.1% over the same period last year.
In Indonesia, the price of Robusta coffee grade 4 (80 defective beans) offered for sale at a discount of 50 USD/ton compared to the November 2022 futures contract, down from 80-90 USD/ton in the past. week.
In New York, December 2022 arabica coffee futures fell 7.6 US cents, or 3.6%, to $2,0215/lb – the lowest since mid-July 2022 ($2,011/lb).
In London, the price of robusta coffee in January 2023 on the London floor decreased by 44 USD, or 2.1%, to 2,097 USD/ton.
Sugar prices increase
The price of raw sugar for March delivery on the ICE floor rose 0.13 US cents, or 0.7%, to 18.81 US cents/lb, after rising to a nearly 3-month high (18.94 US cents/lb/lb). lb) in the previous session.
At the same time, the price of white sugar in December 2022 on the London floor increased by 2.6 USD, or 0.5%, to 557.2 USD/ton.
Wheat and corn prices up, soybeans down
U.S. wheat prices rose after two consecutive declines, on concerns that the Black Sea export corridor agreement may not be extended next month, which could disrupt grain exports from the United States. Ukraine.
On the Chicago Mercantile Exchange, December 2022 wheat futures rose 10 cents to $8.92-1/4 per bushel, after touching a two-week low in early trading. Corn futures for December 2022 rose 4-3/4 US cents to 6.97-3/4 USD/bushel, while soybeans for November 2022 futures fell 1/4 US cent to 13.95- 3/4 USD/bushel.
Thai rice price lowest in more than 2 months, unchanged in India and Vietnam
Thailand’s export rice prices fell to a more than two-month low, driven by the baht and falling demand, while Vietnamese rice prices remained firm near multi-month highs on supply concerns.
In India – the leading rice exporter, the price of 5% broken rice was at $374-382 per ton, unchanged from a week ago amid concerns about production due to heavy rains.
For the 5% broken grade, the price of Vietnamese rice was unchanged from a week ago at $425-430 per ton – the highest since November 2021.
In Thailand, the price of 5% broken rice dropped to 410-420 USD/ton, down from 415-425 USD/ton a week ago, due to reduced domestic and foreign market demand. The baht touched near its lowest level since 2006 against the dollar, on concerns about growth and a global recession.
Palm oil prices fall
Palm oil prices in Malaysia fell, as traders weighed rising inventories against the demand outlook as the ringgit weakened.
Palm oil futures December 2022 on the Bursa Malaysia exchange fell 73 ringgit, or 1.95%, to 3,663 ringgit ($781.02) per ton.
Prices of some key items in the morning of October 14
