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Oil prices dropped more than 4%
Oil prices fell more than 4%, after news of a possible ceasefire between Hezbollah and Israel, but prices were still somewhat supported by concerns about a potential attack on Iran’s oil infrastructure.
Closing the trading session on October 8, Brent crude oil decreased by 3.75 USD, equivalent to 4.63%, to 77.18 USD/barrel and WTI oil decreased by 3.57 USD, equivalent to 4.63%, to 73.57 USD/barrel. bin. During the session, both dropped more than 4 USD/barrel.
In the previous session, Brent oil prices increased to more than 80 USD/barrel – for the first time – since August 2024, after increasing by more than 3%. In the previous week, oil prices increased more than 8% – the strongest weekly increase in more than a year, due to increasing concerns about a widespread war in the Middle East.
Natural gas prices in the US decreased by 1%
Natural gas prices in the US fell 1% to a new one-week low, as power plants are expected to use less gas after Hurricane Milton knocked out power to millions of homes and businesses in Florida late last year. this week.
Natural gas futures price for November 2024 on the New York floor decreased by 1.3 US cents, equivalent to 0.5%, to 2,733 USD/mmBTU – the lowest since September 26, 2024 – for the 3rd consecutive session.
Natural gas prices fell despite forecasts of reduced production and higher demand in the next two weeks than previously expected.
However, in the past 6 weeks natural gas prices have increased 41%.
Gold prices fell the most in more than a month, silver prices were the lowest in nearly 3 weeks
Gold prices fell more than 1% and had the strongest drop in 1.5 months, when recent US employment data reduced expectations for a sharp interest rate cut, while the market waited for the minutes of the main meeting. Latest policy of the US Federal Reserve for more new signals.
Spot gold on the LBMA floor decreased 1.1% to 2,614.49 USD/ounce – falling for the 5th consecutive session and leaving the record high of 2,685.42 USD/ounce reached on September 26, 2024. Gold futures for December 2024 on the New York exchange decreased 1.1% to 2,635.4 USD/ounce.
At the same time, spot silver price decreased 4.3% to 30.36 USD/ounce – the lowest in nearly 3 weeks.
Aluminum price is lowest in nearly 2 weeks, copper price is lowest in 2 weeks
Aluminum prices fell to their lowest level in nearly 2 weeks due to falling energy prices, along with industrial metal prices under downward pressure due to concerns about falling demand in the top consuming country – China.
The price of aluminum delivered 3 months later on the London exchange decreased 3.3% to 2,570.5 USD/ton, during the session sometimes reaching 2,564.5 USD/ton – the lowest since September 26, 2024.
At the same time, zinc prices on the London exchange decreased 2.9% to 3,082 USD/ton – the sharpest decrease in more than 3 months.
The price of copper delivered after 3 months on the London exchange decreased 1.6% to 9,769 USD/ton, during the session sometimes reaching 9,700 USD/ton – the lowest since September 24, 2024.
Iron ore prices decreased, steel prices increased
Dalian iron ore prices fell, as investors sold to take profits, with some analysts saying the top consumer – China – had failed to meet expectations when it announced stimulus measures. strongly at the press conference.
January 2025 iron ore futures price on Dalian exchange decreased 2.37% to 783.5 CNY (111.15 USD)/ton. In the early trading session, iron ore price reached 844.5 CNY/ton – the highest since July 8, 2024.
At the same time, the iron ore futures price for November 2024 on the Singapore floor decreased by 4.97% to 105.25 USD/ton – the lowest since September 30, 2024. Iron ore price reached 115 USD/ton – the highest since June 3, 2024 in the early trading session.
On the Shanghai floor, rebar prices increased by 0.43%, hot-rolled steel coils increased by 1.07%, steel coils increased by 8.1% and stainless steel increased by 1.6%.
Rubber prices in Japan decreased
Rubber prices in Japan fell, pressured by concerns about delays in implementing key European Union anti-deforestation laws, while stimulus measures by top consumer China – The decline also puts price pressure.
Rubber futures price for March 2025 on the Osaka floor (OSE) decreased by 8.3 JPY, equivalent to 2.05%, to 395.6 JPY (2.67 USD)/kg.
At the same time, the price of rubber futures in January 2025 on the Shanghai floor decreased by 245 CNY, equivalent to 1.28%, to 18,890 CNY (2,676.09 USD)/ton.
October 2024 rubber futures price on the Singapore exchange decreased 4.5% to 203.7 US cents/kg.
Robusta coffee price is lowest in 1.5 months
ICE coffee prices remained steady, with robusta coffee prices hitting a 1.5-month low early in the session and arabica coffee prices not far from the 1-month low reached in the previous session.
Arabica coffee futures price for December 2024 on ICE increased 3.55 US cents, equivalent to 1.5%, to 2,482 USD/lb, after decreasing 4.9% in the previous session.
Meanwhile, the price of robusta coffee futures in November 2024 on the London exchange decreased 0.2% to 4,856 USD/ton, earlier in the session reaching 4,821 USD/ton – the lowest since August 21, 2024.
Sugar prices move in opposite directions
The March 2025 raw sugar futures price on the ICE exchange decreased by 0.06 US cents, equivalent to 0.3%, to 22.49 US cents/lb, after decreasing by 2% in the previous session.
Meanwhile, the price of white sugar futures in December 2024 on the London exchange increased 0.9% to 575.1 USD/ton.
Soybean and corn prices fell, wheat rose
Soybean and corn prices on the Chicago floor fell, as positive harvest progress in the US and forecasts of rain in Brazil’s drought-stricken crop belt, boosted expectations of abundant global supply.
On the Chicago floor, soybean futures prices for November 2024 decreased by 17-3/4 US cents to 10.16-1/4 USD/bushel – the lowest in 2 weeks. Corn futures price in December 2024 decreased by 5-1/4 US cents to 4.2-3/4 USD/bushel – the lowest since September 30, 2024, while wheat futures price in December 2024 increased 2-1/4 US cents to 5.94-3/4 USD/bushel.
Palm oil prices decreased
Palm oil prices in Malaysia fell due to profit-taking selling activities, along with soybean oil prices on the Chicago stock exchange and falling crude oil prices also putting pressure on the market.
Palm oil futures price for December 2024 on Bursa Malaysia decreased 1.66% to 4,272 ringgit (996.97 USD)/ton.
Prices of some key items on the morning of October 9
