Oil increased slightly due to tensions in the Red Sea
Oil prices on Wednesday (December 20) increased slightly after a volatile trading session as investors worried about global trade disruption and tensions in the Middle East following continued attacks in the Sea. Red. The upward momentum was limited by an unexpected increase in US crude oil inventories.
Brent crude ended the session up 47 cents, or 0.6%, to $79.70 a barrel, while US West Texas Intermediate crude rose 28 cents, or 0.4%, to 74.22 USD/barrel.
Greece has advised commercial ships passing through the Red Sea and Gulf of Aden to avoid Yemeni waters. Greek shipowners control about 20% of the world’s commercial ships in terms of carrying capacity.
Gold decreased slightly
Gold prices were largely unchanged on Wednesday as traders braced for a flurry of economic data later in the week – which could provide new clues about the US central bank’s monetary policy path.
Spot gold ended the session down 0.2% to 2,035.97 USD/ounce, gold futures in February 2024 decreased 0.2% to 2047.7 USD.
A rise in the Dollar index makes bullion less attractive to overseas buyers.
Copper fell from a 4 1/2 month high, aluminum also fell
Copper prices fluctuated strongly on Wednesday. Early in the session, prices jumped to their highest in more than 4½ months as China replenished stocks and firmer physical demand, but a stronger dollar put pressure on the market. However, at the end of the session the price dropped.
Specifically, copper delivered three months later on the London Metal Exchange (LME) decreased 0.1% to 8,581.5 USD/ton, after touching 8,665 USD, the highest level since August 4.
China, the world’s top metal buyer, bought more copper in November. According to customs data released on Wednesday, the country’s copper cathode imports rose 13.5% from October to 378,791 tons November.
LME aluminum prices fell for the second day in a row after rising 8% in the past week. The last transaction was at 2,241.5 USD/ton, down 0.9%.
Iron ore recovered
Iron ore futures recovered on Wednesday, supported by persistently low inventories and expectations of a wave of buying to replenish the winter, although demand softened as more mills hedged. equipment maintenance.
May iron ore futures on China’s Dalian Commodity Exchange (DCE) ended the trading day at a price increase of 1.46% to 939 yuan (131.58 USD)/ton.
January iron ore futures price on the Singapore Exchange increased 1.27% to 134 USD/ton.
Benchmark steel prices on the Shanghai Futures Exchange rose amid rising raw material prices, while low demand from traders limited gains.
Rebar increased by 0.26%, hot rolled steel increased by 0.69%, stainless steel increased by 1.2%.
Corn, soybeans and wheat decreased
Corn futures prices on the Chicago floor fell to a new low after the US government closed two important railway lines into Mexico, the top US corn importer, to cope with the increase in migrants. .
March and June corn futures on the Chicago Board of Trade (CBOT) fell to a new low, down 2-3/4 cents to 4.82-1/2 USD/bushel.
Soybean futures prices fell 4-1/4 US cents to 13.08-1/4 USD/bushel, while wheat closed down 12-3/4 US cents to 6.10 USD/bushel.
Raw sugar lowest in 8 months
ICE raw sugar futures hit a new 8-1/2-month low on Wednesday as funds liquidated their remaining long-term contracts.
March raw sugar futures fell 0.51 cent, or 2.4%, to 20.92 cents/lb after hitting the lowest since late March 27, at 20.81 cents.
Strong output in Brazil, the world’s top sugar producer, has put pressure on raw sugar prices to fall to current levels, but looking ahead, there are growing concerns about poor harvests in major producing countries. are India and Thailand.
White sugar futures for March this session decreased by 1.5% to 605.80 USD/ton.
Coffee falls from 15-year high
Coffee prices fell on Wednesday after rising sharply in the previous session.
Robusta futures for March decreased by 62 USD, equivalent to 2.1%, to 2,870 USD/ton.
The harvest in the world’s leading Robusta coffee producer – Vietnam – is currently about 75% complete but farmers are slow to sell because they wait for higher prices.
Arabica coffee in March decreased by 5.8% to 1,906 USD/lb.
Rabobank still expects Brazil’s Arabica coffee crop to grow next year compared to 2023, despite current weather concerns.
Rubber increased the strongest in more than 2 months
Rubber futures in Japan rose more than 2% on Wednesday, the biggest daily gain in more than two months, on expectations that supply will tighten in the first quarter of next year and crude oil futures rose.
Rubber contracts delivered in May on the Osaka Exchange (OSE) closed up 2.95%, equivalent to 6.9 yen, to 240.5 yen/kg, the highest closing level since December 12.
Rubber contracts delivered in May on the Shanghai Futures Exchange (SHFE) increased by 155 yuan, equivalent to 1.14%, to 13,715 yuan/ton.
The U.S. dollar was quoted at about 143.52 yen, compared with about 143.82 yen on Tuesday.
Prices of some key items on the morning of December 21:
