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Oil prices decreased slightly due to negative economic factors
At the end of the trading session, oil prices fell slightly after negative economic factors put pressure on investor sentiment, outweighing escalating geopolitical tensions between Israel and Israel.
Brent crude oil price for June delivery decreased 8 cents, equivalent to 0.1%, to 90.02 USD/barrel. US crude oil for May delivery fell 5 cents, or 0.1%, to end at $85.36.
Disappointing data showing stronger-than-expected inflation means the Federal Reserve will likely need more time than previously thought to be confident that inflation is on track to reach its 2% target, Fed Chairman Jerome Powell said.
US Treasury Secretary Janet Yellen said the United States intends to hit Iran with new sanctions in the coming days due to the country’s unprecedented attack on Israel and these actions could be ways to reduce Iran’s ability to export oil.
Iran produces more than 3 million barrels of crude oil per day as the main producer in the Organization of Petroleum Exporting Countries.
US crude oil inventories increased by 4.1 million barrels last week while gasoline and distillate stocks fell by 2.5 million and 427,000 barrels, respectively, according to the American Petroleum Institute.
Gold steadies as geopolitical risks counter interest rate cuts
Gold prices held steady as safe-haven demand amid ongoing tensions in the Middle East offset growing expectations of fewer US interest rate cuts this year.
Spot gold was little changed at $2,382.72 an ounce as of 17:56 GMT. US gold futures prices closed up 1% to 2,407.8 USD.
Data showed US retail sales rose more than expected in March. Yields on 10-year Treasury notes rose for the second day in a row, making non-yielding bullion less attractive.
Deutsche Bank forecasts gold prices at 2,400 USD/ounce by the end of the year and at 2,600 USD in December 2025.
Spot silver fell 2.4% to $28.17 an ounce, platinum fell 1.2% to $958.03 and palladium fell 2.3% to $1,012.00.
Copper fell on weak Chinese factory data and a firm USD
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Copper prices fell after weak factory data in China and as falling expectations of a US interest rate cut boosted the dollar’s strength.
3-month copper futures on the London Metal Exchange (LME) decreased 1.3% to 9,455.50 USD/ton.
Data on Tuesday showed China’s industrial output rose 4.5% year-on-year in March, slowing from the 7% pace from January to February and well below the previous period. Analysts expect 6%.
March retail sales were also weaker than expected even though the overall economy grew faster than forecast in the first quarter.
In the LME, nickel prices fell 0.5% to $17,660 a tonne while zinc fell 0.5% to $2,761, lead fell 1.9% to $2,144 and tin fell 1.5% to $31,740.
Soybeans, corn, wheat decreased due to strong USD
Chicago soybean futures extended their decline as a strong dollar weighed on the market.
Wheat futures were slightly mixed as Ukraine forecast lower grain output from 2023, while corn futures were mostly flat amid reduced South American crop estimates.
CBOT soybean prices for May delivery decreased 13-1/4 cents to 11.45 USD/bushel. Corn prices fell 1/2 cent to $4.31/bushel and wheat fell 2 cents to $5.49-3/4/bushel.
The dollar rose the most since November 2023 against a basket of currencies, making US agricultural goods more expensive for buyers in other currencies and potentially hurting export demand. of America.
US soybean and corn suppliers face stiff competition for global export sales from South America, while Russia already exports large amounts of wheat.
London Cocoa fell 6% after setting a record high
Cocoa futures prices in London on ICE closed down sharply after setting a record peak, while robusta coffee prices rose to their highest level in more than 16 years. London cocoa futures for July fell 525 pounds, or 5.9%, to 8,348 pounds a ton after hitting a record 9,025 pounds earlier in the session. July cocoa futures prices in New York decreased 7% to 9,819 USD/ton.
Coffee reached an unprecedented peak
Robusta coffee futures in July increased by 28 USD, or 0.7%, to 3,977 USD/ton after peaking at 4,036 USD, the highest level since the current contract began trading in 2008.
Dealers say supply in Vietnam is very tight while dry weather threatens to reduce the size of the next crop in the world’s leading robusta producer.
July Arabica coffee futures increased 0.7% to 2.2840 USD/lb.
Sugar prices hit a 16-month low
May sugar futures prices fell 0.39 cents, or 1.9%, to 19.63 cents/lb after hitting a 16-month low of 19.28 cents.
Stronger-than-expected sugar output in India and Thailand has put the market on the defensive, dealers said.
Recent rains in Brazil have also improved the outlook for sugarcane production in the 2024/25 crop year and the weakening of the Brazilian currency is likely to boost mill sales there.
The French Ministry of Agriculture on Tuesday pegged this year’s sugar beet area at 399,000 hectares, an increase of 4.9% compared to 2023.
August white sugar futures price decreased 1.8% to 570.00 USD/ton.
A total of 313,950 tons of white sugar were bid for the May contract on ICE Futures Europe.
Palm oil lowest in nearly 6 weeks due to higher output, slower demand outlook
Malaysian palm oil futures fell for a third straight session, closing at their lowest in nearly six weeks on forecasts of improved output and weaker demand.
The benchmark palm oil contract for July delivery on the Bursa Malaysia Exchange closed down 67 ringgit, or 1.62%, to 4,047 ringgit ($844.89)/ton, the lowest closing level since March 7. .
Malaysia’s palm oil stocks at the end of March fell 10.68% from the previous month to 1.71 million tonnes, the lowest in 10 months, as a surge in exports overshadowed output, according to data from the Malaysian government. Malaysian Palm Oil Board on Monday.
Output increased 10.57% to 1.39 million tons during the period while exports increased 28.61% to 1.32 million tons.
Soybean oil prices in Dalian fell 1.74%, while palm oil contracts fell 2.6%. Soybean oil prices fell 1.4%.
Japanese rubber recovered thanks to higher oil prices and weaker yen
After four straight sessions of decline, Japanese rubber futures recovered amid higher oil prices and a weaker yen, despite weaker-than-expected industrial output and retail sales data from China. China has weighed heavily on consumer psychology.
Rubber contracts for September delivery closed up 0.7 yen, equivalent to 0.22%, to 314.3 yen (2.03 USD)/kg. Rubber contracts on the Shanghai Futures Exchange (SHFE) ) for September delivery decreased by 205 yuan, ending at 14,515 yuan (2,005.19 USD)/ton.
Rubber contract at SICOM for May delivery closed at 161.7 US cents/kg, down 1.16%.
Prices of some key items on the morning of April 17, 2024
