Oil prices fall again
Oil prices fell after several sessions of strong gains to a 7-year high, on concerns about tight supply.
Closing the session on January 20, Brent crude oil fell 6 US cents to 88.38 USD/barrel, in the session on 18/1/2022 oil price increased to 89.17 USD/barrel – the highest since October/ 2014. Year-to-date, the price of Brent oil has increased by 13%. West Texas Intermediate crude for February 2022 futures fell 6 US cents to $86.9 per barrel. Since the beginning of the year, the price of WTI crude oil has increased by 15%. WTI crude oil futures in March 2022 fell 25 US cents to 85.55 USD/barrel.
Crude oil prices fell as the US Department of Energy said crude inventories rose by 515,000 barrels last week and gasoline inventories rose by 5.9 million barrels to a one-year high.
The International Energy Agency (IEA) said that the oil market could experience a significant surplus in the first quarter of 2022, with oil inventories likely to be much lower than pre-pandemic levels. The agency also raised its oil demand forecast for 2022.
Natural gas price lowest in 2 weeks
U.S. natural gas prices fell nearly 6% to a two-week low, as weather forecasts were milder and heating demand for more than two weeks was lower than previously expected.
The price of natural gas for February term on the New York Stock Exchange fell 22.9 US cents, or 5.7%, to $3,802/mmBTU – the lowest since January 4, 2022.
Gold, platinum and palladium are all at 2-month highs
Gold and silver prices hit two-month highs, supported by concerns around inflation and rising Russia-Ukraine tensions.
Spot gold on the LBMA rose 0.1% to $1,841.45 an ounce – the highest since November 22, 2021, and gold for February 2022 on the New York Stock Exchange was unchanged at $1,842.6. /ounce.
Platinum rose 2.4% to $1,046.53 an ounce and palladium rose 3.6% to $2,072.62 an ounce. Both hit 2-month highs. During the session on January 18, 2021, the price of palladium increased by more than 7% and platinum increased by 5%.
Nickel prices still at 11-year high, tin hits record high
Low inventories have pushed nickel prices to their highest levels since 2011, with demand expected to grow strongly on the back of surging electric vehicle battery consumption.
Nickel for three-month delivery on the London Exchange rose 1.8 percent to $23,565 a tonne, after hitting its highest level since August 2011 ($24,435 a tonne).
Nickel price for February 2022 on the Shanghai exchange reached a record high of 176,280 CNY ($27,796.52)/ton.
Commerzbank analyst Daniel Briesemann said the rally in nickel prices could be fueled by a strong demand outlook and supply concerns.
Nickel stocks in London hit their lowest level since 2019 (94,830 tonnes), compared with 264,606 tonnes in April 2021.
At the same time, nickel inventories in Shanghai hit a record low in August 2021 (4,711 tons).
Goldman Sachs expects a more nickel shortfall this year than it previously estimated. The bank now expects nickel to be short by 30,000 tonnes compared with an August 2021 estimate of 13,000 tonnes.
Tin prices rose 1.6 percent to $43,600 a tonne after hitting a record high of $44,180 a tonne.
Iron ore and rebar prices increase, stainless steel highest in 3 months
Iron ore prices in Dalian rose on expectations of further monetary policy easing measures in the top steel producing country – China. Meanwhile, stainless steel prices rose to 3-month highs boosted by record high nickel prices.
Iron ore futures for May 2022 on the Dalian bourse rose 1.3% to 742 yuan ($116.97) per tonne, after hitting a 1-week high (747.5 yuan per ton) early in the session. Translate.
Iron ore futures in March 2022 on the Singapore Exchange increased by 2.6% to 133.9 USD/ton.
On the Shanghai floor, the price of rebar increased by 0.3%, hot rolled coil was almost unchanged. Stainless steel prices rose 8% to their highest since late October 2021, as supply concerns and strong demand pushed nickel prices to record highs.
China has stepped up efforts to ease monetary policy, to prop up a slowing economy this week, by reducing a series of key policies and lending standards, with markets expecting an next moves.
Rubber prices in Japan increased for the 2nd consecutive session
Rubber prices in Japan rose for the second day in a row, as rising oil prices boosted rubber demand.
The price of rubber for June 2022 on the Osaka floor increased 0.2% to 250.5 JPY ($2.19)/kg, after hitting a nearly 2-month high in the previous session.
Meanwhile, the price of rubber in May 2022 on the Shanghai floor decreased by 105 CNY to 14,940 CNY (US$2,356.24)/ton.
Coffee prices fall in Vietnam, Indonesia and New York, rise in London
Coffee prices are not attractive, making Vietnamese coffee growers unwilling to sell, waiting for prices to rise. Trading activity in Asia’s leading coffee markets remained quiet.
The price of Vietnam’s export robusta coffee (2.5% black & broken) is offered at a discount of 250-270 USD/ton compared to the May 2022 futures contract on the London Stock Exchange and compared with the deduction level. 240-250 USD/ton last week. In the domestic market, green coffee beans are sold for 38,800-40,700 VND (1.71-1.8 USD)/kg, down from 39,300-41,000 VND/kg a week ago.
In Indonesia, the price of Robusta coffee grade 4 (80 defective beans) offered for sale at a discount of $120/ton compared with the February 2022 futures contract, compared with a deduction of $170/ton a week ago.
In New York, the price of arabica coffee for March 2022 futures fell 0.8 US cents, or 0.3%, to $2,4365/lb, after hitting the highest level since early December 2021 (2,20). 45 USD/lb).
In London, the price of Robusta coffee in March 2022 increased by 2 USD, or 0.1%, to 2,227 USD/ton.
Sugar prices fall
Raw sugar prices fell after hitting a three-week high earlier in the session, but losses were limited as crude oil prices remained high.
The price of raw sugar for March 2022 on ICE fell 0.14 US cents, or 0.7%, to 18.93 US cents/lb, earlier in the session reaching 19.29 US cents/lb – the highest since end of December 2021.
At the same time, the price of white sugar in March 2022 on the London floor decreased by 2.8 USD, or 0.5%, to 507.3 USD/ton.
Soybean prices hit 7-month high, corn up, wheat down
Soybean prices rose in Chicago, boosted by exports and concerns about crop yields in South America, pushing prices up to a seven-month high.
On the Chicago Mercantile Exchange, soybean futures for March 2022 increased by 34-1/2 US cents to 14.25-3/4 USD/bushel – the highest since June 17, 2021. The price of corn for March delivery in March 2022 rose 1/2 US cent to $6.11/bushel, while the price of soft red wheat, winter crop for delivery in the same period fell 6-1/4 US cent to 7.9-1. /4 USD/bushel.
Rice prices in India and Thailand are highest in 7 months, unchanged in Vietnam
Rice prices in top exporter India hit a more than seven-month high, due to a shortage of railcars, while rice prices in Thailand hit their highest since July 2021 on a strong baht.
For the 5% broken type, the price of Vietnamese rice is at $395-405/ton, unchanged from a week ago.
In Thailand, the price of 5% broken rice increased to $407-410 per tonne – the highest since mid-July 2021, compared with $404-405 a tonne the previous week.
In India – the top rice exporter, the price of 5% broken rice was at $375-382/ton – the highest since June 2021, up from $367-375/ton a week ago.
Palm oil prices hit record highs
Palm oil prices in Malaysia hit a record high (5,228 ringgit/ton), due to tight supply and news that Indonesia plans to limit vegetable oil exports.
Palm oil futures for April 2022 on the Bursa Malaysia exchange rose 66 ringgit, or 1.29%, to 5,190 ringgit ($1,239.55) per tonne – a second consecutive increase. During the session, it sometimes reached 5,228 ringgit/ton – a record high.
Prices of some key items on the morning of January 21:
