Oil prices fell
Oil prices fell as the market shifted to concerns about delayed vaccine rollouts and limited travel, which could lead to weaker demand than the impact of a weak dollar and crude inventories. America plummeted.
Closing session on January 28, Brent crude oil fell 28 cents, or 0.5 percent, to $ 55.53 a barrel, while West Texas WTI crude oil fell 51 cents, or 1 percent, to $ 52.34. /bin.
Brent oil futures for March 2021 expire on January 29, 2021, and the price plus Brent oil compared to the March 2021 contract has reached the highest level since February 2020.
Ritterbusch mentioned Saudi Arabia’s commitment to cut production by 1 million bpd in February 2021 and March 2021, as part of the OPEC + agreement. OPEC + includes the Organization of Petroleum Exporting Countries (OPEC) along with other organizations such as Russia.
In early trading, oil prices supported by US crude inventories fell 10 million barrels last week, due to increased US crude exports and decreased imports. However, concerns about oil demand put pressure on the market and eroded oil price gains earlier in the session.
The US economy dropped the most since World War II in 2020, due to the Covid-19 epidemic that reduced consumer spending and business investment, driving millions of Americans out of jobs.
Natural gas prices fell
Natural gas prices in the US fell more than 1%, due to higher stocks than expected and a slight drop in demand for the next 2 weeks.
Natural gas price in March 2021 on New York floor decreased 3.8 US cent, equivalent to 1.4% to 2,664 USD / mmBTU.
Natural gas stocks last week fell to 2,881 trillion cubic feet (tcf), up 9.3 percent from the five-year average (2,637 tcf) during the same period in the previous year.
Gold prices decreased, silver increased 7%.
Silver prices rose 7% due to a weak dollar, making silver cheaper for buyers outside the US.
Spot gold on the LBMA dropped to 1,840.81 USD / ounce – the lowest since January 18, 2021, earlier in the session up 1.1% and gold futures in February 2021 on New York dropped 0, 4% down to 1,837.9 USD / ounce.
Spot silver price on the floor LBMA increased nearly 7% to 26.95 USD / ounce, earlier in the session decreased to 25.93 USD / ounce.
The US economy in 2020 saw its sharpest decline since World War II, which has encouraged investment in assets such as silver and gold as safe haven assets.
Copper price increases
The appreciation of copper is due to a fall in the dollar, making it cheaper for goods to be priced in a greenback to be purchased with another currency.
Price of copper delivered after 3 months on the London floor increased 1% to 7,773 USD / ton, during the session, it sometimes touched 7,705 USD / ton – the lowest since 23/12/2020.
Copper price increase was supported by copper inventories in London hit the lowest level since September 2020 (76,350 tons). At the same time, copper inventories in Shanghai hit their lowest level since 2011.
Prices of iron ore and steel both fell
Iron ore prices in China fell nearly 5% – the strongest drop in 4 weeks, as steel consumption in the downstream sector weakened ahead of the holiday season, while the government called for a drop in steel production this year has put pressure on force on raw materials for steel production.
Iron ore futures prices in May 2021 on the Dalian floor fell 4.8% to CNY 986 (USD 152.14) / ton, in the beginning of the session, iron ore prices fell sharply by 5.5%. Spot 62% Fe iron ore to China remained unchanged at $ 167.5 / ton, consulting firm SteelHome said.
On the Shanghai bourse, rebar prices fell 1.7% to CNY 4,275 / ton and HR coil prices fell 1.5% to CNY 4,423 / ton. The price of stainless steel decreased 1.6% to 14,215 CNY / ton.
China Iron and Steel Association said that the country’s steel imports will continue to increase in 2021 and encourage the purchase of semi-processed steel products, in order to minimize the impact of low crude steel production this year that the government has called. The association also suggested the government improve related policies, to reduce China’s dependence on imports of steel-making materials such as iron ore.
Rubber prices fell again
Rubber prices in Japan fell because of concerns about weakening demand in the top buying country – China – as Beijing strengthened restrictions to prevent Covid-19 from spreading and concerns about a delay in the global vaccine distribution.
Price of rubber in July 2021 on Osaka floor decreased 1.9 JPY equivalent to 0.8% to 227.4 JPY (2.2 USD) / kg.
At the same time, the price of rubber in May 2021 on the Shanghai floor decreased by 90 CNY to 14,150 CNY (2,184 USD) / ton.
Coffee prices decreased in Vietnam, New York and London, and remained unchanged in Indonesia
The price of coffee in the Vietnamese market decreased from a week earlier, when the harvest ended.
Export Robusta coffee prices of Vietnam (category 2, 5% black & broken) are offered plus 70-80 USD / ton compared to May 2021 futures contracts on the London floor, down from plus 80- 90 USD / ton contract term 3/2021 1 week ago. In the domestic market, coffee beans are sold at prices ranging from 31,500 to 31,700 VND (1.37 USD) / kg, down from 31,200-32,000 VND / kg a week ago.
The coffee harvest in Vietnam 2020/21 started in October 2020 and has ended. It is expected that Vietnam’s coffee output in this crop year will decrease by 16-17% to 25 million bags (60 kg).
In Indonesia, the price of Robusta coffee type 4 (80 defective beans) offered for sale at a plus of 250 USD / ton compared to the contract in March 2021 and 290 USD / ton futures contract in April 2021, unchanged. compared to 1 week ago.
In New York, Arabica coffee futures in March 2021 decreased by 1.5 US cents, equivalent to 1.2%, to $ 1.24 / lb.
In London, the price of Robusta coffee in March 2021 decreased by 15 USD, equivalent to 1.1%, to 1,303 USD / ton.
Sugar prices fell
Raw sugar futures price in March 2021 on ICE decreased 0.21 US cent to 15.76 US cent / lb.
At the same time, the price of white sugar delivered in the same period on the London floor decreased by 2.8 USD to 441.6 USD / ton.
Corn prices remained firm, soybeans and wheat fell
Corn prices in the US maintained a steady rise after rising to a 7.5-year high, driven by US corn sales to China.
On the Chicago floor, the price of maize futures in March 2021 increased by 1/2 US cent to 5.34-1 / 2 USD / bushel, during the session at 5.5-1 / 2 USD / bushel – the highest since June 2013. Soybean futures price in March 2021 decreased 21-1 / 2 US cent to 13.53-1 / 4 USD / bushel and the price of wheat delivered in the same period decreased 11-1 / 4 US cent to 6.47 USD / bushel. bushel.
Indian rice prices highest 2 years, increased in Vietnam and Thailand
Indian rice export prices rose to their highest level in almost 2 years due to high demand and rupee, while slow harvest caused decreased supply to support Vietnamese rice prices.
In India – the leading rice exporter, the price of 5% broken rice is at 390-394 USD / ton – the highest since March 2019, up from 385-391 USD / ton a week ago.
For the 5% broken type, the price of Vietnamese rice has increased to USD 505-510 / ton compared with USD 500-505 / ton a week ago, due to tight supply.
In Thailand, the price of 5% broken rice increased slightly to 520-530 USD / ton compared with 520-526 USD / ton in the previous week. Thai rice prices remain the highest for nearly 9 months, but traders expect prices to decline slightly due to the baht’s decline against the US dollar.
Prices of some key items in the morning of January 29
