Oil prices rose 1%
Oil prices rose 1% due to optimism surrounding US economic stimulus plans and supply concerns fueled oil prices, but restrictions on the corona virus have restrained momentum.
Closing the first session of the week on 25/1, Brent crude oil increased 47 US cents, or 0.9%, to 55.88 USD / barrel and West Texas WTI crude oil increased 50 US cents, or 1%, to 52.77 USD. /bin.
Oil supply tightens as the Organization of Petroleum Exporting Countries (OPEC) and its allies comply with a pledge to curb production that has averaged 85% so far in January 2021.
However, oil price increases are limited as European countries impose strict restrictions to prevent the spread of the virus, with Covid-19 cases in China increasing in influence. to the demand outlook in the world’s largest energy consuming country.
Barclays raised its oil price forecast for 2021, but the increase in corona virus cases in China could cause oil prices to drop in the short term.
Natural gas price increased by more than 6%
Natural gas prices in the US rose more than 6% to a one-week high, due to colder weather forecasts and a higher demand for heating until early February 2021 than previously expected.
Natural gas futures price in February 2021 on New York floor increased 15.6 US cent, equivalent to 6.4% to 2,602 USD / mmBTU, the strongest increase since December 2020 and reached the highest level since January 15, 2021. In the previous session, natural gas prices hit the lowest level since December 30, 2020.
Gold prices fell
Gold prices fell due to a rise in the dollar, but expectations of new US financial stimulus measures bolstered gold prices ahead of a meeting of the US Federal Reserve this week.
Spot gold on the floor LBMA increased 0.1% to 1,854.81 USD / ounce, after a strong increase of 0.8%, while the futures for February 2021 on New York dropped 0.1% to 1,855.2 USD / ounce.
The USD rose 0.2% making gold bullion more expensive when bought with other currencies.
The highest tin price for 7 years
Tin prices rose to their highest level since 2014, after a shortage of metal used in soldering, to connect components in electronic devices that pushed tin prices up for 12 consecutive weeks.
Tin prices on the London floor increased 2.1% to 22,430 USD / ton, during the session at 22,600 USD / ton. Year-to-date, the price of tin has increased by 10% after an 18% increase in 2020.
The International Tin Association forecasts that the tin market will face a shortage of 2,700 tons by 2021 after a shortage of 5,200 tons in 2020.
London’s tin inventories fell to 1,045 tons from more than 5,000 tons in October 2020.
Prices of iron ore and rebar both fell
Iron ore prices in China traded in a narrow range after falling for the fifth week in a row, but the reduction was limited by a drop in exports from Australia that supported prices.
Iron ore futures price in May 2021 on the Dalian floor decreased 0.8% to 1,047 CNY (161.65 USD) / ton.
Spot 62% Fe iron ore to China decreased by 0.5 USD to 171.5 USD / ton.
At the same time, on the Shanghai floor, the price of rebar decreased by 0.3% to 4,321 CNY / ton. Meanwhile, HR coil price increased 0.7% to 4,426 CNY / ton and stainless steel price increased 1% to 14,220 CNY / ton.
Reduced rubber prices
Rubber prices in Japan decreased, due to concerns about an increase in the number of Covid-19 infections in the top buying country – China – and a sharp increase in selling-off activities, causing price pressure.
Price of rubber in June 2021 on Osaka floor decreased 8 JPY equivalent to 3.4% to 230 JPY (2.2 USD) / kg, recording the strongest drop this year.
At the same time, the price of rubber in May 2021 on the Shanghai floor decreased by 285 CNY to 14,260 CNY (2,202 USD) / ton.
The price of coffee decreased
Arabica coffee futures in March 2021 on ICE decreased 0.8 US cent, equivalent to 0.6% to 1.2325 USD / lb – the lowest 10 days.
At the same time, the price of Robusta coffee in March 2021 on London floor decreased by 1 USD, equivalent to 0.1%, to 1,309 USD / ton.
Sugar prices leave their 3.5-year high
Raw sugar prices fell from a 3.5-year high reached mid-January 2021, as supplies improved.
The price of raw sugar in March 2021 on ICE decreased 0.13 US cent or 0.6% to 15.74 US cent / lb, the lowest of 10 days.
Meanwhile, the price of white sugar delivered for the same period on the London floor increased 0.1% to $ 445.2 / ton.
The prices of wheat, corn and soybeans all increased
Corn and soybean prices in the US increased due to buying activities.
On the Chicago floor, the price of maize futures in March 2021 increased 10-1 / 2 US cents to 5.11 USD / bushel, after falling to 4.92-1 / 2 USD / bushel – the lowest since 12/12 / bushel. 1/2021. Soybean futures price in March 2021 increased 31 cents to 13.42-3 / 4 USD / bushel, after falling to 12.98 USD / bushel. Wheat prices for the same period increased 13 cents to 6.47-1 / 2 USD / bushel.
Russian wheat exports are expected to be limited by the wheat export tax as the Russian government seeks to curb domestic food inflation. In addition, wheat prices are also supported by Algeria issuing an international auction to buy wheat milling.
Palm oil prices plummeted
Palm oil prices in Malaysia fell for the second consecutive session, following the decreasing trend of vegetable oils on the Dalian and Chicago floors.
Palm oil futures price in April 2021 on Bursa Malaysia fell 49 ringgit equivalent to 1.5% to 3,233 ringgit (799.26 USD) / ton. In the previous session, palm oil price decreased by 0.2% and saw the 2nd consecutive week of decline as exports continued to decline.
Prices of some key items in the morning of January 26
