Oil prices continued to rise
Oil prices rose as investors focused on the release of the Covid-19 vaccine, tightening restrictions in Europe and a slower than expected recovery in fuel demand.
Closing the session on December 15, Brent crude oil rose 47 US cents, or 0.9%, to 50.76 USD / barrel and West Texas WTI crude oil increased 63 US cents, or 1.3%, to 47.62 USD. /bin. Brent oil price on 10/12/2020 reached 51.06 USD / barrel – highest since March 2020, supported by vaccine approval, even when cases of virus infection in most regions world rose.
Crude oil prices in China in November 2020 increased by 3.2% to a record high. This will support investors’ sentiment about increasing fuel demand in the coming time. China is one of the few countries where oil demand has fully recovered since the beginning of this year, said Phil Flynn, senior analyst at Price Futures Group, Chicago.
The International Energy Agency (IEA) said any vaccine impact on demand remains a few months away, while OPEC said oil demand will grow more slowly than expected.
Meanwhile, the American Petroleum Institute (API) said crude inventories in the US for the week to December 11, 2020 rose 2 million barrels to 495 million barrels, compared with the 1.9 million barrels expected decrease for distributors. area
Natural gas prices remained stable
Natural gas prices in the United States remained stable as exports of liquefied natural gas rose to record highs offset forecasts for more mild weather leading to reduced heating demand and increased output.
Natural gas futures price in January 2021 on New York trading floor did not change at 2,682 USD / mmBTU, after plunging 3.2% in the session.
Gold prices increased by more than 1%
Gold prices rose more than 1%, driven by expectations of a corona virus bailout in the US, as increased Covid-19 infections raised concerns about the economic damage caused by the pandemic.
Spot gold on the floor of LBMA increased 1.4% to 1,852.36 USD / ounce and gold futures in February 2021 on the New York floor increased 1.3% to 1,855.3 USD / ounce. From the beginning of the year until now, gold price has increased by more than 22% in the context of unprecedented global stimulus measures.
A weak dollar also supports gold prices. While investors focused on the results of the Federal Reserve’s 2-day policy meeting that began December 15, 2020, with the US central bank expected to maintain the overnight rate at close to 0.
Copper price increases
The rise in copper prices was supported by economic growth in the leading metal consuming country – China and spurred by the rollout of Covid-19 vaccine in major economies.
Copper price delivered after 3 months on London floor increased by 0.4% to 7,784 USD / ton. Up to now, copper prices have risen more than 80% since their lowest level in March 2020, mainly due to the rebound of the Chinese economy.
China’s factory output in November 2020 saw its strongest increase in 20 months, driven by a recovery in consumer spending and Covid-19 restrictions at major trading partners gradually easing. China accounts for nearly half of global copper consumption, estimated at 24 million tons.
Iron and steel ore prices rebounded
Iron ore prices in Dalian rose, supported by lingering supply concerns and strong production figures from China.
Iron ore futures price in May 2021 on the Dalian floor increased 1.5% to 994 CNY (151.66 USD) / ton, after exceeding 1,000 CNY / ton at the end of the session.
Iron ore prices on the Singapore floor reversed, up 0.9% to $ 152.83 / ton.
Iron ore exports from Australia and Brazil fell for the second week in a row from December 7-13, 2020, adding 1 million tons, or 4.7%, to 22.7 million tons, consulting firm Mysteel said.
In addition, concerns about iron ore inventories at Chinese ports last week fell to 125.85 million tons – the lowest level since mid-October 2020, consulting firm SteelHome said.
Although, China’s crude steel output fell for the third consecutive month in November 2020 – the world’s leading steel producer boosted product output in the second half of the year, amid strong demand. China’s factory output rose the most 20 months in November 2020, mainly driven by strong exports.
At the same time, on the Shanghai floor, the price of rebar increased by 1.2%, HR coil increased by 0.6%, but stainless steel decreased by 0.3%.
Rubber prices continue to rise
Rubber prices on the Osaka floor increased for the second consecutive session, after a poll of economists forecasted that the Japanese economy, heavily affected by the corona virus pandemic, would fall lower than forecast. before.
Price of rubber in May 2021 on Osaka floor increased 4.1 JPY equivalent to 1.7% to 244 JPY / kg.
At the same time, the price of rubber in May 2021 on the Shanghai floor increased by 10 CNY to 14,610 CNY / ton.
The world’s third-largest economy will drop 5.3% in the current fiscal year ending March 2021, up from a forecast of 5.6% decline in November 2020.
The price of coffee decreased
Arabica coffee prices fell back from 3-month highs.
Arabica coffee futures in March 2021 on the New York floor fell 1.5 US cents, equivalent to 1.2%, to $ 1.2465 / lb, down from a 3-month high in the beginning of the session.
At the same time, the price of Robusta coffee in March 2021 on London floor decreased 4 USD, equivalent to 0.3% to 1,372 USD / ton.
Rabobank expects production in Brazil to fall 15% next year to 57.4 million bags (60 kg). This will lower global production in crop year 2021/22 below demand.
Sugar prices increase
Raw sugar prices rose for the first time in four sessions, due to a drop in Brazilian sugar output in the next crop year.
Raw sugar futures in March 2021 on ICE increased 0.09 US cents to 14.24 US cents / lb, earlier in the session to 14.09 US cents / lb.
At the same time, the price of white sugar delivered for the same period on London floor increased by 2.2 USD to 392.5 USD / ton.
The prices of soybeans, corn and wheat all increased
Soybean prices in the US rose, supported by higher than expected demand from processors in November 2020, putting pressure on tight supplies.
On the Chicago floor, soybean futures prices in January 2021 rose 14-3 / 4 US cents to 11.84-1 / 4 USD / bushel. Corn price in March 2021 increased 3/4 US cent to 4.24-3 / 4 USD / bushel. The price of soft red wheat, the winter of the same term, increased by 3-1 / 4 US cent to 5.99-3 / 4 USD / bushel.
Palm oil prices left the chain rose for 3 consecutive sessions
Palm oil prices in Malaysia fell from a high of more than eight years, following a trend of weakening soybean and crude oil prices, even as the country’s palm oil export figures for the first half of December 2020 increased.
Palm oil futures price in February 2021 on Bursa Malaysia dropped 26 ringgit, equivalent to 0.75% to 3,430 ringgit (844.2 USD) / ton, ending the chain of 3 consecutive gains.
Malaysia is expected to announce the export tax on crude palm oil in January 2021 this week, ending 6 months of tax exemption and reduction.
Prices of some key items on the morning of December 16
