Oil increased
Oil prices reversed to rise again in the past session but the uptrend was unsustainable due to concerns about weak demand, despite expectations of US economic stimulus measures amid tight supply by real countries. Large oil producers cut production.
Ending the session, Brent oil rose 29 US cents (0.5%) to 61.43 USD / barrel, after falling to only 60.35 USD at a time; West Texas US oil (WTI) rose 14 US cents (0.2%) to 58.38 USD / barrel, while also down at 57.41 USD.
In recent weeks, oil prices have been continuously increasing due to OPEC + ‘s production control policy and the hope that Covid-19 vaccine will bring about a positive effect.
However, this week OPEC announced that oil demand would recover more slowly than expected and the IEA said supply still outstripped demand, causing oil prices to decline in many sessions.
In China, the number of people commuting before the Chinese New Year this year decreased 70% from the previous year due to restrictions against Covid-19.
Gold fell, platinum stopped rising
Gold price in the last session decreased due to strong USD, while platinum also stopped after a strong increase due to expectation of demand to recover according to economic growth.
Ending the last session of the week, spot gold prices decreased 0.5% to 1,816.4 USD / ounce, gold futures in April 2021 decreased by 0.6% to 1,816.3 USD / ounce.
David Madden, market analyst at CMC Markets UK, said: “The recent inverse relationship between gold and the dollar has been very clear and the dollar’s rally has had a negative impact (on gold). ) “. USD increased by 0.2% session, reducing the attractiveness of gold to investors trading in other currencies.
Spot platinum prices also fell 1.3% to $ 1,219.13 / ounce after hitting a six-year high in the previous session, $ 1,268.88 / ounce. For the whole week, platinum increased by more than 8% the most since the beginning of December, thanks to strong recovery in the industrial sector.
Copper highest 8 years
Copper prices rebounded to 8-year highs as investors bet that prices will continue to rise.
At the end of this session, copper delivery after 3 months increased by 0.3% to $ 8,302 / ton, after some time in the session up to $ 8,350, the highest since February 2013, from March last year to now. has increased by about 90%.
However, the absence of Chinese merchants for the holidays limited the momentum. China’s Shanghai Stock Exchange will reopen on February 18.
Raw sugar fell further
Raw sugar prices continued to fall away from the 4-year high as investors determined that the current lack of supply was due to logistics problems only, because the supply of India was still abundant.
At the end of this session, the price of raw sugar in March 2021 decreased 0.14 US cent (0.85%) to 16.41 US cent / lb; white sugar delivered at maturity (the last session before maturity) increased 1 USD (0.2%) to 471 USD / ton.
On February 10, the price of raw sugar reached the highest level since April 2017, at 17.05 US cents / lb. India’s sugar exports in this marketing year (through September 2021) may decline by over 24% due to logistical constraints, such as lack of containers and congestion at seaports.
Coffee drops
Arabica coffee futures for delivery in May decreased 0.5 US cent (0.4%) to 1.2250 USD / lb; Robusta delivered the same term decreased 11 USD (0.87%) to 1,351 USD / ton.
A weakening Brazilian real has put pressure on Arabica to fall.
Corn, wheat, soybeans rose
US corn prices rose slightly in the last session of the week, ending a volatile week, when prices fell from a 7.5-year high to then rose again.
On the Chicago floor, corn prices increased by 0.5% to 5.43-3 / 4 USD / bushel. At the beginning of the week, the price reached a 7 and a half year high. Soybean prices increased by 0.4% to 13.72-1 / 4 USD / bushel; wheat increased 1/4 US cent to 6.33-3 / 4 USD / bushel.
The latest information from the US Department of Agriculture (USDA) forecasts that the US supply will be higher than the previous estimates, while the demand from China is still high.
Soybeans also increased in the past session amid a forecast that South American output will be bumper but US inventories are tight. According to Conab, US soybean production is forecast to be a record 133.817 million tons in crop year 2020/21, while forecasts for maize production are also revised up.
Reduced rubber
Rubber prices on the Osaka floor (Japan) decreased due to the tension between the US and China that prompted investors to sell rubber out. Falling oil prices also put more pressure on rubber prices.
Ending the last session of the week, July rubber on Osaka floor decreased by 4.6 JPY (1.9%) to 238.5 JPY (2.3 USD) / kg, during the session, sometimes down to only 231.4 JPY. . For the whole week, the price decreased by 0.4%.
The trading volume of rubber is very low for the Chinese markets and most of the Southeast Asian countries are closed for the Tet holiday. The Chinese stock and commodity markets were closed.
US President Joe Biden and his Chinese counterpart Xi Jinping yesterday had their first phone call, discussing various issues in the bilateral relationship. According to Reuters, while Chinese President Xi Jinping called for bilateral cooperation to win, the US President called China “America’s biggest rival” and vowed to defeat Beijing.
Prices of some key items on the morning of February 13
