Price oil reduce
Falling oil prices, due to US inflation data showing that the world’s largest economy is weakening, could cause crude oil demand to decline, along with increased OPEC oil production also putting pressure on prices.
Closing the trading session on February 29, Brent crude oil futures in April 2024 decreased by 6 US cents to 83.62 USD/barrel and West Texas WTI crude oil decreased by 28 US cents to 78.26 USD/barrel.
The US personal consumption expenditures index (PCE) – the US Federal Reserve’s preferred inflation measure, said that inflation in January 2024 was in line with economists’ expectations, making cuts Interest rate reduction in June 2024 is still being considered.
In addition, oil prices were under downward pressure because crude oil inventories in the US – the leading producer – increased for the 5th consecutive week, increasing by 4.2 million barrels, higher than the forecast increase of 2.7 million barrels.
Natural gas prices in the US decreased for the fourth consecutive month
Natural gas prices in the US decreased for the fourth consecutive month, due to abundant supply.
The April 2024 natural gas futures price on the New York stock exchange decreased by 2.5 US cents, equivalent to 1.4%, to 1.86 USD/mmBTU. In the previous session, natural gas prices rose 7%, recovering from their lowest level since June 2020 at the beginning of the week.
For the whole month, natural gas prices fell more than 10% – the fourth consecutive month of decline and the longest chain of declines since March 2020, influenced by a mild winter that caused higher-than-normal inventories and production. output reached near record highs, although the Arctic freeze in January 2024 reduced short-term output and pushed gas demand to record highs.
Highest gold price in 1 month
Gold prices rose to a one-month high, as the dollar fell after US inflation data matched expectations. Traders turned their focus to comments from US Federal Reserve officials on signals of interest rate cuts.
Spot gold on the LBMA floor increased 0.6% to 2,046.29 USD/ounce and gold futures in April 2024 on the New York floor increased 0.6% to 2,054.7 USD/ounce.
Data show that the US personal consumption expenditure price index in January 2024 increased by 0.3%, while the core PCE price index increased by 0.4%, putting pressure on the USD, making gold become weaker. cheaper for investors holding other currencies.
Nickel price is highest in more than 2 months
Nickel prices reached their highest level in more than 2 months, due to supply concerns from the leading producer – Indonesia.
The price of nickel delivered 3 months later on the London exchange increased 1.3% to 17,830 USD/ton, during the session sometimes reaching 17,935 USD/ton – the highest since November 9, 2023. For the whole month, nickel prices increased by 10% and had the first monthly increase since July 2023.
Dalian iron ore and rebar prices decreased
Iron ore prices on the Dalian exchange fluctuated in a narrow range, as investors reassessed the short-term demand outlook in the top consuming country – China, amid expectations of increased steel mills. production, despite concerns about the real estate sector.
May 2024 iron ore futures price on Dalian exchange decreased 0.17% to 892 CNY (124 USD)/ton.
Meanwhile, iron ore futures price in March 2024 on the Singapore exchange increased 0.46% to 116.55 USD/ton.
On the Shanghai floor, rebar prices decreased 0.66%, hot-rolled steel coils decreased 0.38%, steel coils increased 0.3% and stainless steel remained unchanged.
Price Rubber in Japan continues to decline
Rubber prices in Japan decreased for the second consecutive session, in the context of the domestic stock market and oil prices falling, the JPY rising sharply, but rubber prices increased each month.
Rubber futures price for August 2024 on the Osaka floor (OSE) decreased by 4.1 JPY, equivalent to 1.36%, to 297 JPY (1.98 USD)/kg – the lowest since February 22, 2024. For the whole month, rubber prices increased by 4.21% – the second consecutive month of increase.
Meanwhile, the May 2024 rubber futures price on the Shanghai floor increased by 10 CNY to 13,960 CNY (1,940.69 USD)/ton, amid optimism about China’s upcoming stimulus package.
Rubber futures price for March 2024 on the Singapore exchange decreased 1.18% to 159.2 US cents/kg.
Coffee prices simultaneously increased in Vietnam, Indonesia, London and New York
Coffee prices in Asia’s major suppliers of robusta coffee beans, including Vietnam and Indonesia, increased, as demand remained high, while supply was limited.
Vietnam’s export robusta coffee price (type 2, 5% black & broken) is offered at a plus of 400-450 USD/ton compared to the May 2024 futures contract on the London floor and compared to a plus of 300- 350 USD/ton 1 week earlier. In the domestic market, green coffee was sold for 82,700-83,700 VND (3.36-3.4 USD)/kg, up from 81,600-82,500 VND/kg a week earlier.
Vietnam exported 398,000 tons of coffee in the first 2 months of 2024, an increase of 16.2% over the same period last year. Coffee export turnover increased by 67.5% over the same period last year to 1.25 billion USD.
In Indonesia, the price of type 4 robusta coffee (80 defective beans) is offered at a plus of 800 USD/ton compared to the April 2024 futures contract on the London floor, up from a plus of 720 USD/ton a week earlier. .
In London, the price of robusta coffee futures in May 2024 increased by 51 USD, equivalent to 1.7%, to 3,095 USD/ton.
In New York, Arabica coffee futures in May 2024 increased by 1.4% to 1.8435 USD/lb.
Sugar prices decreased
Raw sugar futures price for March 2024 on ICE decreased by 1.43 US cents, equivalent to 6%, to 22.58 US cents/lb.
At the same time, the price of white sugar futures in May 2024 on the London exchange decreased by 3.1% to 615.1 USD/ton.
Soybean prices are at their lowest in 3 years, corn and wheat are up
Soybean prices on the Chicago floor fell to a 3-year low, pressured by improved weather in South America and reduced US export sales.
On the Chicago floor, soybean futures prices for May 2024 decreased by 4-1/2 US cents to 11.4-3/4 USD/bushel. Earlier in the session, it touched 11.28-1/2 USD/bushel – the lowest since November 2020. Corn futures price in May 2024 increased 1 US cent to 4.29-1/2 USD/bushel and wheat futures price for the same term increased 1-1/2 US cents to 5.76-1/4 USD/bushel .
Rice prices decreased in Vietnam, unchanged in India and Thailand
Rice export prices from Vietnam fell for the second consecutive week, due to additional supply from the new harvest, while Indian rice prices remained near record highs amid limited supply.
In India – the leading rice exporter, the price of 5% broken rice was at 546-554 USD/ton, unchanged from a week earlier.
For 5% broken rice, the price of Vietnamese rice is at 600 USD/ton, down from 625-630 USD/ton a week earlier.
In Thailand, the price of 5% broken rice is still at 615 USD/ton, unchanged from a week earlier.
Price Palm oil increased
Palm oil prices in Malaysia increased, following the trend of rising prices of other vegetable oils, while the market awaited information from a major industry conference to be held in Kuala Lumpur next week.
Palm oil futures price for May 2024 on Bursa Malaysia increased by 62 ringgit, equivalent to 1.59%, to 3,969 ringgit (836.99 USD)/ton.
Prices of some key commodities are daily first / 3
