Oil prices dropped 3%
Oil prices have fallen, as more shipping companies are ready to ship via the Red Sea route, easing concerns about supply disruptions as Middle East tensions continue to rise.
Closing the trading session on December 28, Brent crude oil futures in March 2024 decreased by 2.39 USD, equivalent to 3%, to 77.15 USD/barrel and the expired February 2024 futures decreased by 1.3% to 78.39 USD/barrel. West Texas WTI crude oil fell 2.34 USD, or 3.2%, to 71.77 USD/barrel.
Oil prices fell despite US crude oil inventories falling by 7.1 million barrels in the week to December 22, 2023, higher than analysts’ expected decrease of 2.7 million barrels.
At the same time, crude oil inventories on the US Gulf Coast decreased by 11.03 million barrels – the sharpest decrease since August 2023, EIA said.
Natural gas prices in the US increased nearly 5%
Natural gas prices in the US rose nearly 5%, supported by forecasts that colder weather will boost heating demand.
The price of natural gas futures in February 2024 on the New York floor increased by 12 US cents, equivalent to 4.9%, to 2.56 USD/mmBTU. In the previous session, natural gas prices increased 6.8% to a 3-week high (2.72 USD/mmBTU).
Gold price turns down, platinum highest in 6 months
Gold prices fell after reaching a more than three-week high in early trading, as the dollar and US Treasury yields rose, dampening expectations that the US Federal Reserve would cut interest rates early next year. .
Spot gold on the LBMA floor decreased 0.4% to 2,069.79 USD/ounce, after increasing to 2,088.29 USD/ounce – the highest level since December 4, 2023 in early trading. Gold futures for February 2024 on the New York exchange decreased 0.5% to 2,083.5 USD/ounce.
The USD index increased 0.3% after hitting a 5-month low. At the same time, the yield on 10-year US Treasury bonds also increased, after hitting the lowest level since July 2023.
Platinum prices rose 0.6% to $1,002.50 per ounce, after reaching their highest level since June 2023.
Copper prices left the highest level in nearly 5 months
Copper prices fell from their highest level in nearly 5 months, as investors sold to take profits.
Copper price delivered after 3 months on the London exchange decreased 0.7% to 8,632 USD/ton, after reaching 8,716 USD/ton – the highest since August 1, 2023.
However, to date, copper prices have increased 10% since hitting an 11-month low (7,856 USD/ton) in the session on October 23, 2023.
Copper prices fell despite inventories in Shanghai hitting their lowest level since September 25, 2023 (165,050 tons).
Prices of iron ore and steel rebar decreased
Iron ore prices on the Dalian exchange decreased, due to reduced production activities in China.
May 2024 iron ore futures price on Dalian exchange decreased 1.3% to 976 CNY (137.48 USD)/ton.
At the same time, the price of iron ore futures in January 2024 on the Singapore floor decreased 1.8% to 141.24 USD/ton, leaving the chain of increasing for 5 consecutive sessions.
On the Shanghai floor, rebar prices fell 0.4%, hot-rolled steel coil fell 0.7% and steel coil fell 0.6%, while stainless steel rose 0.4%.
China’s manufacturing activity fell for the third consecutive month in December 2023, pressured by weak demand for manufactured goods.
Rubber prices in Japan are at their highest in 3 weeks
Rubber prices in Japan increased for the 5th consecutive session to a 3-week high, due to the risk of supply shortage, but the strong increase in the JPY limited the increase.
Rubber futures price for June 2024 on the Osaka floor increased by 2.4 JPY, equivalent to 1%, to 253.5 JPY (1.8 USD)/kg.
At the same time, the May 2024 rubber futures price on the Shanghai floor increased by 35 CNY, equivalent to 0.3%, to 13,905 CNY (1,956.69 USD)/ton.
Rubber futures price for January 2024 on the Singapore floor increased 9.9% to 164.2 US cents/kg – the highest in 1.5 years.
Several provinces in southern Thailand suffered serious flooding after several days of heavy rain, affecting the supply of natural rubber.
Coffee prices decreased in Vietnam and simultaneously increased in Indonesia, New York and London
Coffee trading activities in Asia slowed down due to year-end holidays, while coffee prices in Indonesia increased due to supply scarcity.
Vietnam’s export robusta coffee price (type 2, 5% black & broken) is offered at plus 20-40 USD/ton compared to the March 2024 futures contract on the London floor, down from plus 60 -70 USD/ton 1 week earlier. In the domestic market, green coffee was sold for 67,000-68,500 VND (2.76-2.82 USD)/kg, down from 69,700-70,200 VND/kg a week earlier.
In Indonesia, the price of type 4 robusta coffee (80 defective beans) is offered at a plus of 600 USD/ton compared to the January-February 2024 futures contract on the London floor, up from a plus of 540-550 USD/ton. 1 week earlier.
In New York, Arabica coffee futures price in March 2024 increased 0.2% to 1,981 USD/lb.
In London, the price of robusta coffee futures in March 2024 increased by 2.3% to 2,936 USD/ton, after rising to the highest level in more than 15 years (2,970 USD/ton) 1 week earlier.
Sugar prices continue to increase
Raw sugar futures for March 2024 on ICE increased 0.3% to 20.65 US cents/lb, after falling to an 11-month low (20.03 US cents/lb) earlier this week.
At the same time, the price of white sugar futures in March 2024 on the London exchange increased 0.1% to 595.2 USD/ton.
Wheat prices increased, corn and soybean prices decreased
Wheat prices on the Chicago floor increased due to supply disruptions.
On the Chicago floor, wheat prices increased 8-1/2 US cents, equivalent to 1.4%, to 6.31-1/2 USD/bushel. Corn prices fell 2-1/4 US cents to 4.74-1/4 USD/bushel and soybean prices fell 8-1/2 US cents to 13.12 USD/bushel.
Thai rice prices are highest in 15 years, Indian rice prices are highest in 2 months, decreasing in Vietnam
Rice export prices from some Asian centers increased, as limited supply pushed Thai rice prices to a 15-year high, along with Indian parboiled rice prices also rising to a 2-month high.
In India – the leading rice exporter, the price of 5% broken rice was at 508-515 USD/ton, compared to 505-512 USD/ton a week earlier.
Indian parboiled rice export prices increased to their highest level since October 2023, due to limited supply and following price trends of other competing countries.
India’s rice output is expected to fall this year for the first time in eight years, raising the prospect that New Delhi will extend grain export restrictions to keep food prices stable ahead of elections. .
For 5% broken rice, the price of Vietnamese rice was at 653 USD/ton, down from 660-665 USD/ton a week earlier.
In Thailand, the price of 5% broken rice is at 655-660 USD/ton – the highest since early October 2008, up from 646-650 USD/ton a week earlier.
Palm oil prices decreased
Palm oil prices in Malaysia fell after two consecutive rising sessions, under pressure from weak vegetable oil prices on the Dalian exchange, but expected low output limited the decline.
Palm oil futures price for March 2024 on Bursa Malaysia decreased by 30 ringgit, equivalent to 0.8%, to 3,740 ringgit (812.16 USD)/ton.
Prices of some key items on the morning of December 29
