Oil prices dropped 2%
Oil prices fell more than 2%, after unsubstantiated reports of a ceasefire between Israel and Hamas and after a power outage forced a major US oil refinery to close.
Closing the trading session on February 1, Brent crude oil decreased 1.85 USD, equivalent to 2.5%, to 78.7 USD/barrel and West Texas Intermediate crude oil WTI decreased 2.03 USD, equivalent to 2.7%, to 73,000 USD/barrel. 82 USD/barrel.
US manufacturing activity in January 2024 was stable, in the context of the number of new orders increasing again, but inflation at the factory gate increased.
Natural gas prices in the US are at their lowest in 9 months
Natural gas prices in the US fell 2% to a 9-month low, due to forecasts of warmer-than-normal weather until mid-February 2024, causing reduced heating demand.
Natural gas futures price for March 2024 on the New York floor decreased by 5 US cents, equivalent to 2.4%, to 2.05 USD/mmBTU – the lowest since April 13, 2023.
Gold price is highest in nearly 1 month
Gold prices rose to their highest level in nearly a month, after data showed that the number of applications for unemployment benefits in the US increased last week, while the market shifted focus to US non-farm payroll data, to get more clues about the US Federal Reserve’s policy roadmap.
Spot gold on the LBMA floor increased 0.9% to 2,054.89 USD/ounce – the highest since January 3, 2024 in early trading. April 2024 gold futures on the New York exchange increased 0.2% to 2,071.1 USD/ounce.
Copper prices decreased
Copper prices in London decreased, due to reduced expectations that the US would cut interest rates in March 2024 and sales increased when copper prices fell below 8,600 USD/ton, but the decrease was limited by tight supply, copper USD weakened and positive data from China.
Copper price delivered after 3 months on the London exchange decreased 0.8% to 8,528 USD/ton.
Copper prices were unchanged this week after rising to a 1-month high ($8,704.5/ton) and then falling, as the US Federal Reserve pushed back on the idea of cutting interest rates in early March/ 2024.
Dalian iron ore and steel prices fell
Iron ore prices on the Dalian exchange fell, while iron ore prices in Singapore increased, as investors reassessed the demand outlook in the top consumer – China – amid the asset crisis and efforts to stimulating force.
May 2024 iron ore futures price on Dalian exchange decreased 0.36% to 968 CNY (134.79 USD/ton) – the third consecutive decrease.
Meanwhile, the March 2024 iron ore futures price on the Singapore stock exchange increased 1.09% to 131.2 USD/ton.
On the Shanghai floor, the price of rebar decreased by 0.69%, hot rolled steel coil decreased by 0.52%, stainless steel decreased by 1.65% and steel coil decreased by 0.44%.
Rubber prices in Japan decreased
Rubber prices in Japan fell, influenced by weak Asian production data and reduced vehicle output.
Rubber futures price for July 2024 on the Osaka floor decreased by 1.4 JPY, equivalent to 0.49%, to 283.6 JPY (1.93 USD)/kg.
At the same time, the May 2024 rubber futures price on the Shanghai floor decreased by 140 CNY to 13,385 CNY (1,863.89 USD)/ton.
Rubber futures price for February 2024 on the Singapore floor decreased 0.33% to 152.4 US cents/kg.
Coffee prices increased in Vietnam, decreased in Indonesia and London
Coffee prices in Vietnam increased, as trading remained slow before the Lunar New Year holiday, while coffee prices in Indonesia decreased.
Vietnam’s export robusta coffee price (type 2, 5% black & broken) is offered at an additional 160 USD/ton compared to the May 2024 futures contract on the London floor. In the domestic market, green coffee was sold for 79,100-80,000 VND (3.24-3.28 USD)/kg, up from 73,000-75,000 VND/kg a week earlier.
In the first 2 weeks of January 2024, Vietnam exported 96,000 tons of coffee, an increase of 4.2% over the same period last year. Coffee export turnover in the first 2 weeks of January 2024 increased by 40% to 283 million USD.
In Indonesia, the price of type 4 robusta coffee (80 defective beans) is offered at an additional 480-490 USD/ton compared to the March 2024 futures contract on the London floor.
In London, the price of robusta coffee futures in March 2024 decreased by 18 USD, equivalent to 0.5%, to 3,287 USD/ton.
In New York, Arabica coffee futures price in March 2024 changed slightly at 1,942 USD/lb.
Sugar prices decreased
Raw sugar futures price for March 2024 on the ICE exchange decreased by 0.57 US cents, equivalent to 2.4%, to 23.56 US cents/lb, falling back from a 7-week high (24.62 US cents/lb). ) in the previous week.
At the same time, the price of white sugar futures in March 2024 on the London exchange decreased by 2.1% to 652.2 USD/ton.
Soybean and corn prices fell, wheat rose
Soybean prices in the US fell 1.5%, due to disappointing weekly US export revenue data, along with competition from Brazil – where soybean harvests increased sharply.
On the Chicago floor, soybean futures prices for March 2024 decreased by 19 US cents to 12.03-1/4 USD/bushel. Corn futures price in March 2024 decreased 1 US cent to 4.47-1/4 USD/bushel, while wheat futures price in March 2024 increased 6-14 US cents to 6.01-1/2 USD /bushel.
Rice prices increased in Vietnam and India, decreased in Thailand
Parboiled rice export prices from India rose to a record high, fueled by tight supplies and increased demand from rising prices at other hubs, while Thai rice prices fell due to abundant supplies from new harvest.
In India – the leading rice exporter, the price of 5% broken rice was at 537-546 USD/ton, up from 533-542 USD/ton a week earlier.
For 5% broken rice, the price of Vietnamese rice is at 635-640 USD/ton, up from 630 USD/ton a week earlier.
In Thailand, the price of 5% broken rice was at 640-658 USD/ton, down from 655 USD/ton a week earlier.
Prices of some key items on the morning of February 2
