Oil fell off a 13-month high
Oil prices fell last session, ending a chain of record-long increases, after both OPEC and the International Energy Agency (IEA) were concerned about new blockades against Covid-19 and the emergence of New variant of Covid-19 virus reduces the outlook for gasoline demand.
At the end of the session, Brent oil fell 33 US cents (0.5%) to 61.14 USD / barrel; West Texas oil (US) fell 44 US cents (0.8% to) 58.24 USD / barrel.
The emergence of new variants of the Covi-19 virus has raised doubts about the effectiveness of these vaccines. A variant of the Covid-19 discovered in the Kent region of the country has “spread across the country” and is likely to spread worldwide and the fight against the COVID- 19 will continue for at least a decade.
Gold fell 1%, platinum left the “peak” 6 years
Gold prices turned down in the last session because the USD stopped depreciating; platinum is also leaving its 6-year high.
At the end of this session, the spot gold price dropped by 0.9% to 1,826 USD / ounce; gold futures in April 2021 decreased by 0.9%, down to 1,826.8 USD / ounce; USD firm after hitting a 2-week low.
This week, investors have turned to focus on platinum, pushing the precious metal price up 150 USD / ton in just one week, and now it is time for investors to sell to take profit.
Platinum decreased by 0.4% at the end of last session, down to $ 1,236.76 / ounce; after increasing by 2.2% to the highest level since January 2015 of $ 1,268.88 / ounce; palladium also fell 0.7% in this session to 2,339.32 USD. Both metals are used in catalytic converters to clean exhaust gases in cars.
Copper fell
Copper prices fell slightly in the last session when the Chinese market stopped trading to start the Lunar New Year holiday, which will last for 1 week.
This session, the futures price for copper delivered after 3 months on the London floor decreased by 0.3% to $ 8,276 / ton, after reaching $ 8,327.5 / ton at a time, the highest since February 2013.
The 4 previous consecutive gaining sessions pushed copper prices to the highest level of 4 years, and analysts expect further increases due to tight supply.
In Chile, the world’s top copper supplier, protests and a shortage of containers have hampered copper exports. The situation in this country is not expected to improve soon, and export performance is therefore still delayed.
The amount of copper in the Shanghai trading floor in January 2021 fell to the lowest level since 2011, then recovered slightly to 78,571 tons.
Corn and soybeans recovered, wheat decreased
Corn and soybean futures prices on Chicago market rebounded in the last session after falling sharply in the previous session as traders believed that US soybean stocks would be lower than the US Department of Agriculture (USDA) figure. forecasts after the recent strong corn sales to China.
At the end of session, corn price in March increased by 6-1 / 2 US cent to 5.41 USD / bushel, soybean for same period increased 13-1 / 2 US cent to 13.67-1 / 2. USD / bushel.
The Bureau of Agricultural Statistics of Brazil, Conab, forecasts the country’s soybean production this year will be a record high, 133.817 million tons; Maize production will also reach 105,482 tons, exceeding the forecast in January.
Wheat prices alone decreased in this session, accordingly, it lost 2 US cents to 6.33-1 / 2 USD / bushel. Wheat price downtrend is constrained by cold weather forecast in major wheat growing regions of America.
Sugar drops
Sugar prices fell slightly in the last session after reaching a record high for many years in the previous session amid tight supply.
Ending the session, raw sugar futures in March 2021 decreased 1.4% to 16.55 US cents / lb; the previous session the contract reached 17.05 US cents, the highest since April 2017; March white sugar futures – which will expire today – fell 2% to $ 470 / ton, after reaching $ 479.5 / ton in the previous session.
World sugar supply is being tightened due to the shortage of containers globally. However, in a further perspective, the world sugar market in 2021/22 is forecast to increase 5.18 million tons.
Coffee drops
Arabica coffee price last session decreased 0.1% to 1,2305 US cent / lb, touching the lowest level since 12/1; Robusta also decreased by 12 USD (0.9%) to 1,362 USD / ton.
Arabica demand continues to be affected by countries being cautious about reopening shops and offices, despite a drop in Brazilian output forecasts.
Prices of some key items on the morning of February 12
