Oil prices decreased
Oil prices fell, pressured by weak economic activity in top crude importer China and a surprise increase in US crude inventories as producers boosted output after freezing weather. price this month.
Closing the trading session on January 31, Brent crude oil futures expired in March 2024 decreased by 1.16 USD, equivalent to 1.4%, to 81.71 USD/barrel and the price of Brent oil futures in April 2024 decreased by 1.89 USD, equivalent to 2.3%, to 80.55 USD/barrel. West Texas WTI crude oil decreased $1.97, or 2.5%, to $75.85/barrel. Both types of oil dropped more than 2 USD/barrel in early trading session.
Manufacturing activities in China – the world’s second largest economy – decreased for the fourth consecutive month in January 2024.
In addition, oil prices were under downward pressure when data from the US Energy Information Administration (EIA) showed that US crude oil inventories increased by 1.2 million barrels last week, compared to the forecast of a decrease of 217,000 barrels by the US. analysts.
US domestic oil production last week increased to 13 million barrels per day (bpd), after nearly 1 million bpd capacity was shut down due to cold weather earlier this month.
Natural gas prices in the US increased 1%
Natural gas prices in the US rose about 1%, after falling to a 9-month low in the previous session, due to forecasts of colder weather and higher heating demand in the next two weeks than previously expected.
The March 2024 natural gas futures price on the New York stock exchange increased by 2.3 US cents, equivalent to 1.1%, to 2.1 USD/mmBTU. In the previous session, natural gas prices fell 17% to their lowest level since April 13, 2023.
For the whole month, natural gas prices decreased by 16% – the third consecutive monthly decrease – the first time since December 2021.
Gold price decreased
Gold prices fell, after US Federal Reserve Chairman Jerome Powell pushed back expectations of cutting interest rates in March 2024.
Spot gold on the LBMA floor decreased 0.1% to 2,034.37 USD/ounce, after increasing 1% in early trading. For the whole month, gold prices decreased by 1.3%. Gold futures for April 2024 on the New York exchange increased by 0.8% to 2,067.4 USD/ounce.
The USD index fell, while 10-year US Treasury yields fell to their lowest level in nearly 3 weeks after the Fed’s ruling.
Highest copper price in 1 month
Copper prices rose to a one-month high, as the dollar fell due to lower-than-expected US labor market data.
The price of copper delivered after 3 months on the London exchange reached 8,704.5 USD/ton – the highest since December 28, 2023.
US labor costs rose less than expected in the fourth quarter of 2023, leading to the lowest annual increase in two years, while ADP’s national jobs report showed private sector employment increased less than the expected 107,000 in January 2024.
The dollar index fell after the jobs data. A weaker dollar makes metals priced in greenbacks cheaper when purchased in other currencies.
Iron ore price lowest in 1 week, steel falls
Iron ore prices on the Dalian exchange fell to a one-week low, as factory data in the top consuming country – China – weakened for a long time, affecting investor sentiment, amid new concerns. about the recovery of this country’s real estate sector.
May 2024 iron ore futures price on Dalian exchange decreased 3.08% to 960.5 CNY (133.74 USD)/ton – the lowest since January 23, 2024.
At the same time, the iron ore futures price for March 2024 on the Singapore floor decreased by 2.36% to 129.7 USD/ton – the lowest since January 23, 2024.
China’s manufacturing activity in January 2024 decreased for the fourth consecutive month.
On the Shanghai floor, the price of rebar decreased by 1.86%, hot rolled steel coil decreased by 1.62%, steel coil decreased by 1.19% and stainless steel decreased by 1.7%.
Rubber prices in Japan had the strongest monthly increase in nearly 3 years
Rubber prices in Japan increased, breaking a streak of falling for three consecutive sessions, due to optimism about reducing import taxes on Thai tires and strong US employment data, eclipsing concerns about production activity. Exports weakened and demand for electric vehicles decreased.
Rubber futures price for July 2024 on the Osaka floor increased by 3.7 JPY, equivalent to 1.32% to 285 JPY (1.93 USD)/kg. Overall, in January 2024, rubber prices increased by 11.11% – the strongest monthly increase since February 2021.
Meanwhile, the May 2024 rubber futures price on the Shanghai floor decreased by 40 CNY to 13,515 CNY (1,883.21 USD)/ton.
The February 2024 rubber futures price on the Singapore floor remained unchanged at 152.1 US cents/kg.
Coffee prices decrease
The price of robusta coffee futures in March 2024 on the London exchange decreased by 31 USD, equivalent to 0.9%, to 3,305 USD/ton, after reaching a high of 3,379 USD/ton in the previous session.
Meanwhile, the March 2024 Arabica coffee futures price on the ICE exchange changed slightly at 1.9405 USD/lb.
Sugar prices increased
Raw sugar futures price for March 2024 on ICE increased by 0.22 US cents, equivalent to 0.9% to 24.13 US cents/lb.
At the same time, the price of white sugar futures in March 2024 on the London exchange increased 0.5% to 666.3 USD/ton.
Prices of wheat, corn and soybeans fell
Wheat prices in the US fell nearly 2%, after rising in the previous session, while corn and soybean prices also fell.
On the Chicago floor, wheat futures prices for March 2024 decreased 10-34 US cents to 5.94-3/4 USD/bushel. Corn futures prices for March 2024 decreased by 1 US cent to 4.46-3/4 USD/bushel and soybean prices for the same period decreased by 3/4 US cents to 12.18 USD/bushel.
Palm oil prices continue to decline
Palm oil prices in Malaysia fell for the third consecutive session, amid weakness in other vegetable oils and lackluster Chinese economic data, but palm oil prices still had a month of increases.
April 2024 palm oil futures price on Bursa Malaysia decreased by 47 ringgit, equivalent to 1.22%, to 3,795 ringgit (802.83 USD)/ton. For the whole month, palm oil prices increased by 1.99%, after decreasing by 4.47% in the previous month.
Prices of some key items on the morning of February 1
