Illustration
Oil prices increased
Oil prices increased more than 1 USD/barrel, as the USD index fell to its lowest level in more than a week and investors shifted their focus from tensions in the Middle East to the global economic situation.
Closing the trading session on April 23, Brent crude oil increased by 1.42 USD or 1.6% to 88.42 USD/barrel and West Texas Intermediate oil WTI increased by 1.46 USD or 1.8% to 83.36 USD/barrel.
The USD index weakened after S&P Global data showed that US business activity in April 2024 dropped to a 4-month low, due to weak demand. A cheaper greenback often lifts demand for dollar-denominated oil from investors holding other currencies.
In addition, rising oil prices are also supported by euro zone data showing that business activities in April 2024 increased the most in nearly a year.
Natural gas prices in the US decreased
Natural gas prices in the US fell, pressured by forecasts of mild weather, leading to reduced heating demand.
The May 2024 natural gas futures price on the New York stock exchange decreased by 2.1 US cents, equivalent to 1.2%, to 1.81 USD/mmBTU.
Gold price remains stable
Gold prices remained steady after hitting their lowest level in more than 2 weeks, due to easing concerns about escalating tensions in the Middle East, as investors waited for important economic data to know more about the roadmap. US interest rate cuts.
Spot gold on the LBMA floor changed slightly at 2,325.8 USD/ounce, after hitting the lowest level since April 5, 2024. From March to April 2024, gold bullion prices increased nearly 400 USD/ounce to a record high of 2,431.29 USD/ounce on April 12, 2024. Gold futures for June 2024 on the New York exchange decreased 0.2% to 2,342.1 USD/ounce.
Copper prices left 2-year high, tin prices fell
Copper prices fell, due to profit-taking selling activities when copper prices rose to a 2-year high.
Copper price delivered after 3 months on the London exchange decreased 2% to 9,627 USD/ton. However, from the beginning of the month until now, copper prices increased by 9%.
Tin prices on the London exchange decreased 8.9% to 31,400 USD/ton – the sharpest decrease since June 2022. Tin prices reached a 22-month high in the session on April 22, 2024.
Iron ore price is lowest in nearly a week, steel drops
Iron ore prices on the Dalian exchange fell for the second consecutive session to the lowest level in nearly a week, due to signs that the steel market is falling due to weak demand in the top consuming country – China.
Iron ore futures price for September 2024 on Dalian exchange decreased 1.91% to 849 CNY (117.17 USD)/ton – the lowest since April 17, 2024.
At the same time, the iron ore futures price for May 2024 on the Singapore floor decreased by 2.88% to 112.85 USD/ton – the lowest since April 17, 2024.
Steel consumption in the world’s second largest economy has decreased since the beginning of April 2024, after some areas in southern China were affected by rains earlier than expected.
On the Shanghai floor, rebar prices decreased by 0.84%, hot-rolled steel coils and coils decreased by 0.68%, stainless steel decreased by 2.28%.
Rubber prices in Japan decreased
Rubber prices in Japan decreased after two consecutive sessions of increase, due to the auto price war and excess auto supply putting pressure on the market.
Rubber futures price for September 2024 on the Osaka floor (OSE) decreased by 5.6 JPY, equivalent to 1.77%, to 311.4 JPY (2.01 USD)/kg.
At the same time, the September 2024 rubber futures price on the Shanghai floor decreased by 275 CNY to 14,280 CNY (1,970.85 USD)/ton.
Rubber futures price for May 2024 on the Singapore exchange decreased 0.06% to 160.6 US cents/kg.
Coffee prices decrease
Robusta coffee futures price for July 2024 on the London exchange decreased 0.4% to 4,117 USD/ton.
Experts say that Brazil’s robusta coffee harvest in 2024 is lower than expected.
At the same time, the price of Arabica coffee futures in July 2024 on the ICE exchange decreased by 5.8 US cents, equivalent to 2.5%, to 2.2185 USD/lb.
Sugar prices continue to increase
Raw sugar futures price for May 2024 on ICE increased by 0.11 US cents, equivalent to 0.6% to 19.91 US cents/lb.
At the same time, the price of white sugar futures in August 2024 on the London exchange increased 0.5% to 573.2 USD/ton.
Prices of wheat, corn and soybeans increased
Wheat prices in the US increased to a 2-month high, due to adverse weather conditions affecting the yield of winter wheat crops in the US. At the same time, corn and soybean prices also increased.
On the Chicago floor, the price of wheat futures in July 2024 increased by 15-1/4 US cents to 6.02-3/4 USD/bushel – the highest since February 12, 2024. Corn futures price in July 2024 increased 2-3/4 US cents to 4.52-1/2 USD/bushel and soybean price for the same term increased 5-1/2 US cents to 11.82 USD/bushel .
Palm oil prices increased
Palm oil prices in Malaysia increased, amid hot weather affecting palm oil crop yields in the main producing country – Malaysia, along with rising export figures and rising prices of other vegetable oils supporting prices.
Palm oil futures price for July 2024 on Bursa Malaysia increased by 25 ringgit, equivalent to 0.63%, to 3,960 ringgit (830.68 USD)/ton.
Prices of some key commodities on the morning of April 24
