Oil has risen further on optimism about demand due to the vaccination campaign
Oil prices ended the 9th consecutive session due to the effect of OPEC + supply cut policy and expected demand to recover after countries strongly promoted Covid-19 vaccination.
At the end of this session, Brent oil rose 38 US cents (0.6%) to 61.47 USD / barrel. During the session, the price hit a 13-month high of 61.61 USD; West Texas US oil (WTI) also rose 32 US cents (0.6%) to 58.68 USD / barrel, after having a 13-month high of 58.76 USD / barrel.
The Organization of Petroleum Exporting Countries (OPEC) top oil exporter (OPEC), Saudi Arabia, is unilaterally cutting supplies in February and March, in addition to joining hands with OPEC and its allies (OPEC + output cut by mutual agreement.
Some analysts forecast a decrease in oil supplies by 2021, while an increase in the proportion of people vaccinated with Covid-19 will promote travel (travel and work) gradually again. normal.
Precious metals simultaneously increased
Prices of precious metals simultaneously increased in the past session due to weakening USD and strong recovery of industrial activities.
Accordingly, the spot gold price increased by 0.3% to $ 1,842.66 / ounce, gold for April-2021 period increased by 0.3% to $ 1,842.7 USD / ounce.
Platinum prices rose 5.3% to $ 1,237.45 / ounce at the close, after reaching $ 1,250 at one point, the highest since February 2015.
Palladium sometimes increased by 3.1%, ending still up 1.4% to 2,351.59 USD / ounce; while silver decreased 0.6% to 27.05 USD / ounce.
The dollar fell 0.2% from the previous session, to a 2-week low, at 90,377, the 3rd consecutive decline session.
Iron ore is 3 weeks highest
Iron ore prices rose sharply last session as investors expect demand from China to increase after the Lunar New Year. Traders forecast iron ore demand from the Chinese steel industry is coming to strong. Meanwhile, global supply this year is forecast to continue to be tightened, although Vale’s output is forecast to increase.
Iron ore futures in May 2021 on the Dalian trading floor on February 10 increased 2.4% to 1,071.50 CNY ($ 166.43) / ton, after reaching 1,072 CNY, the highest since 22 / 1, prolong the sequence of 5 consecutive gains. Compared to the beginning of the week, the current price is 5% higher. On the Singapore floor, iron ore term in March also increased 1.5% to 160.95 USD / ton.
The previous session, the price of iron ore (62% content of iron) imported for spot to Chinese ports reached the highest level within 2 weeks, at 161 USD / ton.
Copper highest 8 years
Copper prices rose to 8-year highs on forecast inflation, amid a decline in USD and historic lowest copper reserves and a accelerated vaccination campaign.
Accordingly, the price of copper futures delivered after 3 months on the London floor – the reference contract – increased by 1.9% to $ 8,301 / ton at the end of the session, after reaching $ 8,302.50, the highest level since May. February 2013.
The amount of copper stored on the LME floor is only 74,675 tons, the lowest in 15 years as in September last year.
Grains plummeted
The prices of US corn, soybeans and wheat all fell sharply because investment funds massively sold out contracts to take profits after all three items recently increased to the highest level in many years.
Of these, corn prices fell the most, losing 3.9%, after a report from the US Department of Agriculture (USDA) said that an unidentified customer canceled the contract to buy 132,000 tons of US corn.
On the Chicago floor, March maize futures fell 21-3 / 4 US cents to 5.34-1 / 2 / bushel; From the beginning of the week to now, it has decreased by 5.2%, after the US announced the forecast that corn stocks at the end of the crop would be higher than previously expected.
Soybean prices for the same period fell 47-3 / 4 US cents to 13.54 USD / bushel, while wheat prices decreased by 14 US cents to 6.35-1 / 2 USD / bushel.
Sugar increases
Both raw sugar and white sugar prices increased recently due to the fast recovery of the world economic prospect.
At the end of the session, crude sugar in March 2021 increased 1.8% to 16.71 US cent / lb; during the session, the price reached 17.05 US cents, the highest since April 2017.
Sugar dealers say near-term supplies are tightening due to lower production prospects for India and Thailand. Meanwhile, Brazil increased ethanol production because gasoline prices increased, causing the amount of sugarcane used for sugar production to decrease.
The March white sugar contract expires tomorrow. Last session, this contract price increased 0.8% to 479.5 USD / ton, the highest since April 2017.
Coffee fluctuations
Arabica coffee prices fell 1.85 US cents (1.5%) to 1.2315 US cents / lb due to the weak Brazilian real; Robusta increased 9% (0.7%) to 1,374 USD / ton, after reaching the highest level since early January.
Reduced head rubber
Rubber prices in Japan fell from a record high of 4 weeks, ending 4 consecutive gaining sessions, as investors took profit before the Chinese New Year holiday in China, despite economic optimism recovering. limit downward momentum.
At the end of this session, July rubber on Osaka floor decreased 1.8 JPY / kg, equivalent to 0.7%, down to 243.1 JPY (2.3 USD) / kg. On the Shanghai floor, the price of rubber also decreased by 115 CNY to 14,680 CNY (2,280 USD) / ton.
Prices of some key items on the morning of February 11
