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Highest oil price in 2 weeks
Oil prices rose more than 2%, as Israel’s conflict with the Lebanese state escalated and investors waited for OPEC+ to announce an extension of supply cuts this week.
Closing the trading session on December 3, Brent crude oil increased to a 2-week high, up 1.79 USD, equivalent to 2.5%, to 73.62 USD/barrel and WTI oil increased by 1.84 USD, equivalent to 2.5%. 7% to 69.94 USD/barrel – highest since November 18, 2024.
In addition, oil prices are also supported when the Organization of Petroleum Exporting Countries (OPEC) and its allies are likely to extend production cuts, when OPEC+ meets on December 5, 2024. This group is likely to extend supply cuts until the end of the first quarter of 2025. OPEC+, which accounts for about half of the world’s oil output, is looking to gradually ease supply cuts next year. However, the prospect of a market surplus has put pressure on oil prices, with Brent trading nearly 6% below the December 2023 average.
Natural gas prices in the US are at their lowest in 2 weeks
Natural gas prices in the US fell 5% to a 2-week low, due to increased production, milder weather forecasts and lower heating demand next week than previously expected.
Natural gas futures price for January 2025 on the New York floor decreased by 17.1 US cents, equivalent to 5.3%, to 3,042 USD/mmBTU – the lowest since November 19, 2024.
Gold price increases
Gold prices narrowed their gains, following strong US employment data, while a fall in the US dollar and US Treasury bond yields limited the decline, as the market waited for further economic signals.
Spot gold on the LBMA floor increased 0.2% to 2,644.05 USD/ounce, gold prices increased sharply by 0.7% before the US employment data was released. Gold futures for February 2025 on the New York exchange increased 0.4% to 2,667.9 USD/ounce.
A strong increase in US employment reports could make the Fed more cautious in cutting interest rates. Investors turn their focus to the ADP jobs report and Fed Chairman Jerome Powell’s speech on Wednesday (December 4, 2024), ahead of the payrolls report on Friday (December 6) /2024).
The yield on 10-year US Treasury bonds fell to the lowest level in more than a month and the USD fell 0.3%, limiting the decline in gold prices.
Copper price is highest in nearly 2 weeks
Copper prices in London hit a nearly two-week high, as a weakening dollar overshadowed economic growth concerns in the metal’s top consumer – China – and uncertainty surrounding trade tariffs.
The price of copper delivered after 3 months on the London exchange increased 1.2% to 9,101.5 USD/ton, after reaching 9,154 USD/ton – the highest since November 20, 2024.
In the past 2 months, copper prices have decreased by 10%, trading in a narrow range since mid-November 2024, as the market waited for developments in import tariffs threatened by US President-elect Donald Trump and the possibility of retaliation from China.
Iron ore price on Dalian exchange is highest in nearly 2 months, steel increases
Iron ore prices on the Dalian exchange increased for the third consecutive session to a nearly 2-month high, due to expectations of more stimulus measures and seasonal inventory replenishment from domestic steelmakers. Top consumer – China.
January 2025 iron ore futures price on Dalian exchange increased 1.5% to 813.5 CNY (111.66 USD)/ton – highest since October 8, 2024.
At the same time, the iron ore futures price for January 2025 on the Singapore exchange increased by 0.56% to 105.2 USD/ton – the highest since November 8, 2024.
On the Shanghai floor, rebar prices increased by 0.81%, hot-rolled steel coils increased by 1.14%, steel coils increased by 0.49% and stainless steel increased by 0.65%.
Rubber prices in Japan increased
Rubber prices in Japan increased, after three consecutive sessions of decline, due to concerns about wet weather disrupting global supply and a series of positive economic data from China.
Rubber futures price for May 2025 on the Osaka floor (OSE) increased by 8.5 JPY, equivalent to 2.35% to 370.7 JPY (2.47 USD)/kg.
At the same time, the May 2025 rubber futures price on the Shanghai floor increased by 500 CNY, equivalent to 2.74%, to 18,765 CNY (2,577.26 USD)/ton.
Rubber futures price for January 2025 on the Singapore exchange increased 3% to 201.9 US cents/kg.
Robusta coffee prices left the 47-year high
Robusta coffee prices on the London exchange fell, after reaching their highest level in decades last week, when the leading robusta coffee producer – Vietnam – sold out massively.
The price of robusta coffee futures in March 2025 on the London exchange decreased by 202 USD, equivalent to 4.2%, to 4,604 USD/ton, after falling 10.6% in the previous session.
At the same time, the March 2025 Arabica coffee futures price on the ICE exchange decreased 0.2% to 2,955 USD/lb, after decreasing 6.9% in the previous session. In the session on November 29, 2024, coffee prices reached 3.3545 USD/lb – the highest since 1977.
Sugar prices increased
Raw sugar futures price for March 2025 on ICE increased by 0.3 US cents, equivalent to 1.4% to 21.37 US cents/lb, after hitting the lowest level in more than 2 months (20.7 US cents/lb). ) in the previous session.
At the same time, the price of white sugar futures in March 2025 on the London exchange increased 1% to 553.2 USD/ton.
Soybean and wheat prices increased, corn prices decreased
Soybean prices on the Chicago stock exchange recovered, driven by profit-making buying activities, but gains were limited by the prospect of a bumper harvest in South America, where Brazil expects harvest output to reach a record high in early next year.
On the Chicago floor, soybean futures prices in January 2025 increased by 6-1/2 US cents to 9.91-3/4 USD/bushel. Corn futures price in March 2025 decreased by 1/4 US cent to 4.32-1/4 USD/bushel and wheat price for the same term increased by 1/4 US cent to 5.47-1/2 USD/bushel .
Palm oil prices increased
Palm oil prices in Malaysia increased, following the trend of palm oil prices on the Dalian exchange and soybean oil prices on the Chicago exchange increasing sharply, along with supply concerns due to floods in peninsular Malaysia, export taxes and taxes. Indonesia’s December 2024 increase has supported prices.
Palm oil futures price for February 2025 on Bursa Malaysia increased by 121 ringgit, equivalent to 2.44% to 5,076 ringgit/ton.
Prices of some key commodities on the morning of December 4
