Oil prices remain steady
Oil prices held steady after hitting multi-week highs in the previous session, as the threat of US Gulf crude output from Hurricane Nicholas waned.
Closing the session on September 16, Brent crude oil gained 21 US cents, or 0.3%, to 75.67 USD/barrel, in the previous session reaching 76.13 USD/barrel – the highest since July 30. 2021 and West Texas Intermediate WTI crude was unchanged at $72.61 a barrel, after rising to its highest since Aug. 2, 2021 in the previous session. Year-to-date, Brent prices are up about 45 percent, supported by production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, along with demand recovering from a downturn. decline related to last year’s pandemic.
U.S. Gulf energy companies were able to quickly restore electrical and pipeline service after Hurricane Nicholas made landfall in Texas earlier this week, allowing them to focus on repairing the damage caused by Hurricane Ida caused a few weeks earlier.
Rising oil prices were also supported by rising electricity prices in Europe, driven by factors including low gas inventories and lower-than-normal gas supplies from Russia. The price of European benchmark gas at the Dutch TTF hub has increased by more than 250% since January 2021.
Natural gas prices fall
U.S. natural gas prices fell, pressured by larger-than-expected inventories last week and lower demand forecasts for next week.
The price of natural gas for October October 2021 on the New York Stock Exchange fell 12.5 US cents, or 2.3%, to $5,335/mmBtu – the biggest drop in more than a week. Natural gas prices fell after hitting their highest levels since February 2014 in the previous session.
Gold price lowest in more than 1 month, silver fell
Gold prices fell nearly 3% and silver prices fell more than 5%, as strong US retail sales boosted the dollar, making it possible for the US Federal Reserve to ease stimulus soon.
Spot gold on the LBMA fell 2.1% to $1,755.75 an ounce, after touching a more than one-month low ($1,744.3 an ounce) and December 2021 gold futures on the New York Stock Exchange fell 2. .1% to 1,756.7 USD/ounce.
At the same time, silver prices fell 4.3% to $22.79 an ounce. The dollar rose after data showed that US retail sales in August 2021 unexpectedly increased.
Copper and aluminum prices fall
Copper prices fell, as the market focused on the US Federal Reserve meeting next week on expected stimulus cuts for the world’s largest economy.
Copper prices on the London floor fell 2.6% to 9,372 USD/ton. Copper prices reached a record high of 10,747.5 USD/ton in May 2021.
In addition, copper prices are under downward pressure as China plans to release copper, aluminum and zinc from state reserves and closely monitors market conditions to correct imbalances between supply and demand. .
At the same time, aluminum prices fell 0.3 percent to $2,883.5 per ton, after reaching $3,000 per tonne on September 14, 2021, as aluminum inventories in London increased by 19,250 tonnes to more than 1.3 million tonnes.
Stainless steel prices hit record highs, iron ore falls
Stainless steel prices in China hit a record high, due to concerns about declining supply while downstream demand recovered.
On the Shanghai exchange, the price of stainless steel for October 10/2021 futures rose 7% to 20,680 CNY (US$3,214.87)/ton. Rebar price increased 0.8% to CNY 5,541/ton and hot rolled coil increased 1% to CNY 5,743/ton.
“Stainless steel stocks are relatively low … supply will continue to decrease, influenced by production control measures, but consumption is stable,” said analyst at Huatai Futures.
Meanwhile, iron ore price on Dalian bourse fell 3.9% to CNY 671/ton. Spot prices of 62% Fe iron ore to China fell by $5.50 to $119.5 per ton, consulting firm SteelHome said.
Japanese rubber prices fall
Rubber prices in Japan fell, as a series of data from the top buyer – China – showed that growth in the factory and retail sectors continued to decline in August 2021, raising concerns about demand. weakened raw materials.
The price of rubber for February 2022 on the Osaka floor decreased by 2.5 JPY to 202.4 JPY (1.9 USD)/kg.
Meanwhile, the price of rubber for January 2022 on the Shanghai floor increased by 60 CNY to 13,830 CNY (US$2,146)/ton.
Coffee prices simultaneously increased in Vietnam, Indonesia, New York and London
Coffee prices around the world surged, leaving the margin wider for Asia’s main robusta market, while demand was weak and end-harvest stocks in Vietnam and Indonesia were flat. low also pressured the market.
The price of Vietnam’s export robusta coffee (type 2.5% black & broken) offered for sale at a discount of 270-280 USD/ton for the November contract in November 2021 on the London floor compared to the deduction of 250 USD/ton. tons last week. In the domestic market, green coffee beans are sold for 39,500-41,000 VND (1.74-1.80 USD)/kg, slightly changed from 40,200-41,000 VND/kg 1 week ago.
Vietnam’s coffee exports in August 2021 decreased by 8.7% compared to July 2021 (111,697 tons). Generally in the first 8 months of 2021, Vietnam exported 1.1 million tons of coffee, down 6.4% 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 $280-300/ton for October and November futures contracts, compared with a deduction of $250/ton a week ago, according to a report. The trend of coffee prices on the London market increases.
In New York, the price of Arabica coffee for December 2021 futures increased by 0.8 US cents, or 0.4%, to 1,8815 USD/lb.
In London, the price of Robusta coffee for November 2021 futures increased by $25, or 1.2%, to $2,107 per tonne – the fifth consecutive increase.
White sugar prices fall off 4.5-year high
White sugar prices fell after hitting a 4.5-year high earlier in the session, on signs that demand is likely to pick up.
The price of raw sugar for October 2021 delivery on the ICE floor fell 0.03 US cents, or 0.2%, to 19.49 US cents/lb.
At the same time, the price of white sugar for December 2021 on the London floor decreased by 1.6 USD, or 0.3%, to 512.9 USD/ton, earlier in the session reaching the highest level since March 2017 (519) ,6 USD/ton).
Wheat and soybean prices up, corn down
Wheat prices in Chicago rose, as harvest prospects in major exporting countries deteriorated.
On the Chicago Mercantile Exchange, wheat prices rose 1-3/4 US cents to $7.13/bushel, earlier in the session wheat prices rose to 7.16-3/4 US cents/bushel – the highest since May 8. September 2021. Soybean prices rose 1-1/2 US cents to $12.96/bushel, while corn prices fell 4 US cents to $5.29-1/2/bushel. Both soybeans and corn hit their highest levels since August 31, 2021 in early trading.
Indian rice price highest in nearly 2 months, increased in Vietnam, decreased in Thailand
Export prices of rice in India rose to a nearly two-month high as the rupee rose but demand fell as buyers opted for cheaper orders from elsewhere.
In India – the leading rice exporter, the price of 5% broken rice increased to $360-365/ton – the highest since the end of July 2021, from $358-363/ton a week ago.
For the 5% broken type, the price of Vietnamese rice increased to $410-420/ton from $400/ton a week ago, due to improved demand.
In Thailand, the price of 5% broken rice fell to $380-393/ton from $380-402/ton last week, the market was quiet in the context of high transportation costs.
Prices of some key items on the morning of September 17:
