Oil down 1%
Oil futures fell about 1% on Thursday, as traders took profits after prices rose to a 10-month high and some worried that high interest rates could hurt oil demand.
At the end of the session, Brent oil futures in November decreased by 1.17 USD or 1.2%, to 95.38 USD/barrel. Brent oil’s November contract expires on Friday.
Brent oil futures for December decreased about 1.3% to 93.10 USD/barrel.
US West Texas Intermediate (WTI) crude oil CLc1 fell 1.97 USD, or 2.1%, to 91.71 USD/barrel.
The market worries that high oil prices will cause inflation, encouraging the US Federal Reserve and other central banks to continue maintaining high interest rates.
US crude inventories fell after Saudi Arabia and Russia, members of OPEC+, and their allies cut a total of 1.3 million barrels per day through the end of the year.
Russia said the fuel export ban would remain in place until the domestic market stabilized and noted that it had not discussed with OPEC+ the possibility of increasing supply to offset the fuel export ban.
Gold decreased
Gold prices fell to a six-month low as market bets on higher US interest rates for longer reduced the appeal of bullion.
Spot gold at the end of the session decreased 0.7% to 1,861.59 USD/ounce, the lowest level since March. December gold futures price decreased 0.7% at 1,878.60 USD.
US Treasury bond yields rose to their highest level in 16 years, reducing the appeal of gold.
However, a decline in the US dollar, which makes gold cheaper for overseas buyers, limited the decline.
Rice is stable
Indian and Vietnamese rice prices were firm this week, while Thai rice prices increased slightly.
India’s 5% broken parboiled rice price remained stable at 525-535 USD/ton for 3 consecutive weeks. This week, some customers returned to buy Indian rice, accepting the high tax rate, because including tax, the price of Indian rice is still the cheapest in Asia.
Vietnam’s 5% broken rice this week was also stable at 610-620 USD/ton but trading activities were sparse as traders were waiting for the market to stabilize further.
Thailand’s 5% broken rice price increased this week to $590-607/ton from $605 last week as the fluctuation was due to exchange rate changes. The Baht fell to its lowest level in more than 10 months on concerns about the country’s financial outlook.
Iron ore increased
Iron ore prices rose on Thursday, supported by rising Chinese hot metal output data, even as traders remained cautious ahead of a long holiday in the world’s top iron ore consumer. – China, starting September 29.
January iron ore futures on China’s Dalian Commodity Exchange (DCE) – ended the session up 0.89% to 852 yuan (116.66 USD)/ton.
October iron ore futures price on the Singapore Exchange increased 0.77% to 117.45 USD/ton.
Data from consulting firm Mysteel showed daily hot metal output among 247 steel mills surveyed rose 0.1% on the week to 2.49 million tons through September 28, the highest level yet. as of October 2020.
However, National Australia Bank is concerned that there will be downside risks at current levels.
Copper and zinc increased
Copper and zinc prices rose after daily data showed a decline in exchange inventories.
3-month copper futures on the LME increased 1.4% to 8,229.5 USD. Copper inventories in warehouses tracked by the Shanghai Futures Exchange fell 28% from last Friday, but LME inventories remained at their highest since May 2022.
The 3-month zinc futures price on the London Metal Exchange increased 5.4% to 2,610 USD/ton at the close, previously reaching 2,633.5 USD/ton, the highest level since 2,639 USD on October 10. 5. Covered zinc stocks at LME registered warehouses fell to 57,225 tonnes, the lowest since late May, following the cancellation of 19,225 new tonnes.
Sugar increased more than 2%
Raw sugar futures prices on ICE closed Thursday session up more than 2%, returning to a recent 12-year high as the global supply of sweeteners remains scarce.
Raw sugar for October delivery increased 0.6 cents, equivalent to 2.3%, at 26.73 cents/lb as the market
White sugar for December delivery also increased by 7.30 USD, equivalent to 1%, at 716.60 USD/ton.
Cocoa rose
Cocoa prices on the London exchange, March futures, increased by 29 pounds, equivalent to 1%, to 2,933 pounds/ton, but still far from the highest level in 46 years reached recently.
Concerns about weakening demand are taking away some of the market’s recent gains.
However, cocoa remains supported by tight supplies linked to crop diseases in top producing region West Africa.
Cocoa futures for December on the New York floor increased by 43 USD, equivalent to 1.3%, to 3,459 USD/ton.
Corn highest in 1 month, wheat and soybeans down
Chicago corn futures hit a one-month high on Thursday as speculators covered short positions. The most traded corn contract on the Chicago Board of Trade (CBOT) increased more than 1%, reaching 4.88-1/2 USD/bushell, the highest closing level since August 28.
Coffee reduced
Arabica coffee futures prices in December decreased by 2.05 cents, equivalent to 1.4%, to 1,472 USD/lb.
Robusta coffee futures in November increased by 22 USD, equivalent to 0.9%, to 2,469 USD/ton.
Soybean prices decreased
Soybean prices decreased following the energy price trend. Soybean futures contracts fell 2-3/4 cents to 13.00-1/2 USD/bushel, ending the previous 4 sessions of increases.
Rubber reduced
Rubber futures prices in Japan closed Thursday session down in the context of the Japanese economy showing signs of decline.
Rubber contracts delivered in March on the Osaka Exchange (OSE) closed down 0.8 yen, equivalent to 0.3%, to 234.5 yen (1.57 USD)/kg, after touching a high of nearly a year was 239.4 yen ($1.60)/kg earlier in the same session.
Rubber contracts for January delivery on the Shanghai Futures Exchange (SHFE) increased by 70 yuan, equivalent to 0.5%, to 13,920 yuan (1,906.14 USD)/ton.
Japan’s Nikkei average closed down 1.54% on Thursday, posting its biggest one-day percentage drop in a month, as concerns that U.S. interest rates will remain high keep investors Investors are worried.
Prices of some key items on the morning of September 29:
