The highest oil price in 11 months
Oil prices rose to 11-month highs, just under $ 57 a barrel, fueled by Saudi Arabia’s plans to limit supplies, eclipsing fears rising global corona virus infections will curb demand. fuel bridge.
Closing session on 12/1, Brent crude oil increased 92 US cents, equivalent to 1.7% to 56.58 USD / barrel, in the session at 56.75 USD / barrel – the highest since the end of February / 2020 and West Texas WTI crude oil rose 96 cents or 1.8% to 53.28 USD / barrel.
Saudi Arabia plans to cut production by 1 million barrels a day in February and March 2021, to control stocks. Saudi output cuts are part of an OPEC-led deal in which most producers will keep output at a steady level for February 2021. The record production cuts by OPEC and its allies in 2020 have helped oil prices to recover from historic lows in April 2020.
In addition, oil price increases are also supported by US crude production is expected to fall 190,000 barrels / day in 2021 to 11.1 million barrels / day, but the decrease is less than the forecast of 240,000 barrels / day. The forecast date earlier, the Energy Information Administration said. At the same time, it is expected that US crude oil inventories will decrease by 2.7 million barrels / day – the fifth consecutive week of decrease.
However, the oil price increase was limited by demand concerns as cases of corona virus infection globally increased. The Chinese regime has introduced new restrictions in areas around Beijing and Japan will expand the emergency beyond Tokyo.
The price of natural gas is highest in 3 weeks
Natural gas prices in the US rose to a 3-week high, following a forecast for more mild weather that eroded previous gains.
Natural gas price in February 2021 on New York floor increased 0.6 US cent, equivalent to 0.2% to 2,753 USD / mmBTU – the 2nd consecutive increase and highest since December 22, 2020.
Gold prices rebounded
Gold prices have risen, due to the US dollar and US bond yields falling, while inflation prospects are soaring by US financial stimulus measures that have supported gold prices.
Spot gold on the LBMA increased 0.2% to 1,848.31 USD / ounce, in the previous session, the price of gold hit the lowest level since December 2, 2020, while gold futures in February 2021 on the New floor. York fell 0.4% to $ 1,844.2 / ounce.
The dollar index fell 0.3% against other major currencies, while the 10-year US bond yield fell to a low of 1,146%.
Nickel price increases
Nickel prices rose, after the major producer – the Philippines – ordered a cessation of mining on an island that included a number of projects.
Nickel price on the London floor increased by 3.3% to 17,650 USD / ton.
Philippine President Rodrigo Duterte has banned mining on the Tumbagan island in Languyan in Tawi-Tawi province, due to concerns about an environmental impact. However, the ban does not include the country’s nickel mining center in the Caraga region, but potential supply disruptions fueled prices.
The Philippines is the largest supplier of nickel ore to the leading metal consumer – China.
Nickel prices rose despite London’s nickel reserves rising 372 tons to 249,198 tons – the highest since August 2018
Steel prices fell, iron ore increased
Steel prices in China fell, with steel products in Shanghai down more than 3% following the downward trend of raw material prices, following disruptions by corona virus and plans to replenish winter stocks.
On the Shanghai bourse, rebar prices fell 1.8% to CNY 4,327 ($ 669.46) / ton and hot-rolled coil prices reached CNY 4,462 / ton, during the session both steel products fell more than 3%. Stainless steel futures price in March 2021 decreased 2.2% to 13,905 CNY / ton, after plummeting 4.4% in the beginning of the session.
Meanwhile, iron ore prices on the Dalian floor increased 0.1% to 1,049 CNY / ton.
Lowest rubber price 1 week
Rubber prices in Japan fell more than 3% to a 1-week low, as investors took profit after futures prices in Shanghai fell and amid concerns of new restrictions as the number of infections Covid-19 in the top buying country – China – increased.
The price of rubber in June 2021 on Osaka floor decreased 8.2 JPY equivalent to 3.3% to 237.7 JPY (2.3 USD) / kg, in the beginning of the session, it touched 232.2 JPY / kg – lowest since 4/1/2021.
At the same time, the price of rubber in May 2021 on the Shanghai floor decreased by 405 CNY to 14,155 CNY (2,190 USD) / ton.
The price of coffee decreased
Arabica coffee prices fell, after hitting a 1-month low in the previous session due to increased stocks in New York and concerns about Covid-19 restrictions hurt demand.
Arabica coffee price in March 2021 on ICE decreased by 0.05 US cent to 1,214 USD / lb, in the previous session, coffee price touched 1.1875 USD / lb – the lowest one month.
At the same time, the price of Robusta coffee delivered in the same period fell 13 USD, equivalent to 1%, to 1,302 USD / ton.
Coffee prices are under pressure to fall, as stocks of Arabica coffee increased to 1.51 million bags (60 kg) – the highest since August 2020. Meanwhile, Brazil is expected to produce 52.9 million bags of coffee in 2021, down 23% from a record high of 68.21 million bags in 2020, said exporter Grupo Montesanto Tavares.
Sugar prices fell
Raw sugar price in March 2021 on ICE decreased 0.21 US cent to 15.46 US cent / lb, in the previous week, sugar price increased to 16.33 US cent / lb – the highest since May / 2017.
At the same time, the price of white sugar delivered for the same period on the London floor decreased by 1.9 USD to 436 USD / ton.
Prices for soybeans, corn and wheat were all highest in many years
Corn, soybean and wheat prices in the US rose to their highest level in many years after the US Department of Agriculture said that yields of the US corn and soybean harvest were lower than expected and stocks at the end of the season fell lower. with expected earlier.
On the Chicago floor, the price of maize futures in March 2021 increased by 25 US cents to 5.17-1 / 4 USD / bushel – the highest since May 2014. Soybean prices for the same period rose 45-3 / 4 US cents to 14.18-1 / 4 USD / bushel – the highest since June 2014. Wheat futures in March 2021 rose 30-1 / 4 US cent to 6.65 USD / bushel – the highest since December 2014.
In the report, USDA said that the US corn output in 2020 reached 14,182 billion bushels, the average yield was 172 bushels / are and soybean output reached 4,135 billion bushels, the average yield was 50.2 bushels / acre. All were lower than expected, especially for maize.
Prices of corn, wheat and soybeans were supported by supply concerns from key exporting countries. Argentina’s move will limit maize exports, while the top wheat exporter – Russia – is considering increasing export taxes on grain.
Palm oil prices fell more than 2%
Palm oil prices in Malaysia fell 2.5% to a one-week low, due to fears of weak demand when exports in January 2021 fell sharply.
Palm oil futures price in March 2021 on the Bursa Malaysia floor decreased 95 ringgit to 3,702 ringgit / ton.
Palm oil prices fell for the second consecutive session and had the strongest drop since November 16, 2020.
Prices of some key items on the morning of January 13
