Oil prices near the threshold of 70 USD / barrel
Oil prices fell but remained close to $ 70 / barrel, supported by major oil producing countries and optimistic about demand for a recovery in the second half of this year.
Closing the session on March 12, Brent crude oil futures in May 2021 fell 41 cents, or 0.6%, to $ 69.22 / barrel and West Texas WTI crude oil futures for April 2021 fell US $ 41. cent to 65.61 USD / barrel.
For the whole week, both Brent and WTI were unchanged after hitting a 13-month high on 8/3/2021 and having 7 consecutive weeks of increase.
The Organization of Petroleum Exporting Countries (OPEC) forecasts that oil demand will increase sharply in the second half of this year. OPEC, Russia and its allies have decided to keep output limits almost unchanged.
In addition, US oil drilling plants also cut the number of oil and natural gas rigs – for the first time – since November 2020, energy services firm Baker Hughes Co said.
JPMorgan expects US oil production to average 11.36 million barrels a day this year compared to 11.32 million barrels a day in 2020.
Earlier this week, the US government revised down its forecast for US crude production in 2021. Production fell 160,000 barrels / day to 11.15 million barrels / day, lower than the forecast for a decrease of 290,000 barrels / day earlier. .
The lowest natural gas price is 6 weeks
Natural gas prices in the US fell more than 2% to a 6-week low, following a forecast of milder weather and lower demand by the end of March 2021 than previously expected.
Natural gas price for April 2021 term on New York floor decreased 6.8 US cent, equivalent to 2.5% to 2,600 USD / mmBTU – the lowest since January 29, 2021. For the whole week, natural gas prices decreased by 4%, after falling by nearly 3% in the previous week and by 10% in the previous 2 weeks.
Gold prices rose again, silver fell, platinum rose
Gold prices rose and had the strongest increase week in 7 weeks, due to the weak dollar and stock market, eclipsing US Treasury bond yields.
Spot gold on the LBMA floor rose 0.2% to $ 1,724.16 / ounce, after falling 1.4% in early trading. For the whole week, gold prices increased by 1.4%. Gold futures in April 2021 on the New York floor fell 0.2% to $ 1,719.8 / ounce.
The yield on US treasury bonds rose to 1,642% – the highest level in more than a year. Meanwhile, the dollar index fell making gold become cheaper when bought with other currencies.
Silver prices decreased 0.9% to 25.85 USD / ounce, but had the first week of increase in 4 weeks.
Platinum prices rose 0.5% to $ 1,200.41 / ounce and rose 6.3% a week.
Copper prices continued to rise, aluminum fell
Copper prices rose due to optimism about US economy data and planned spending expectation for infrastructure will boost metal demand.
Price of copper delivered after 3 months on London floor increased 0.8% to 9,126 USD / ton, after decreasing in early session.
From the beginning of the year until now, copper prices increased by 47% to the highest level of 9.5 years ($ 9,617 / ton) in February 2021.
The data showed that the US manufacturing price increased sharply in February 2021, while the consumer confidence in the economy increased to the highest level in 1 year.
Meanwhile, the price of aluminum delivered after three months on the London floor fell 0.2% to $ 2,173.5 / ton, as aluminum inventories in London in the past 2 days increased 50% to 1.92 million tons – the highest since March 2017.
Iron ore prices fell, steel increased
Iron ore prices in Dalian fell for a second consecutive week this year, as China introduced restrictions on highly polluting steel mills and reduced production capacity put market pressure on.
Iron ore futures prices in May 2021 on the Dalian floor decreased by 0.3% to CNY 1,059 ($ 163.11) / ton and dropped by 6% a week.
At the same time, the price of iron ore in April 2021 on Singapore floor decreased by 3.2% to 159.35 USD / ton and decreased by 5% in a week.
On the Shanghai floor, rebar price increased 2.9%, HR coil increased 3.1%, while stainless steel decreased 0.1%.
Rubber prices rose for the 8th consecutive session
Rubber prices in Japan rose for the eighth consecutive session, after US President Joe Biden signed an economic stimulus package worth 1.9 trillion USD, to support the world’s largest economic recovery after Covid-19 translation.
Price of rubber in August 2021 on Osaka floor increased 1.3 JPY, equivalent to 0.5% to 276 JPY / kg. For the whole week, rubber prices increased by 2.3%.
At the same time, the price of rubber in May 2021 on the Shanghai floor increased 0.7% to 15,265 CNY / ton.
Coffee prices are mixed
Arabica coffee futures in May 2021 on ICE increased 0.5% to 1.33 USD / lb, after increasing 1.1% in the previous session.
Meanwhile, the price of Robusta coffee in May 2021 on London floor fell 16 USD to 1,410 USD / ton.
Reduced sugar prices
Sugar prices fell due to a sharp increase in the US dollar, but tight short-term supplies limited the decline momentum.
Raw sugar price in May 2021 on ICE decreased 1.5% to 16.13 US cents / lb, after increasing by 2.4% in the previous session.
At the same time, the price of white sugar in May 2021 on London floor decreased 0.8% to 459.5 USD / ton, after increasing by 2.2% in the previous session.
The prices of wheat and soybeans fell, corn increased
Wheat prices in the US fell to a 1-month low, due to rain and snow forecasts in some of the dry growing Plains America, improving crop yields.
On the Chicago floor, the price of wheat futures in May 2021 decreased 4 US cents to 6.38-1 / 2 USD / bushel, during the session, sometimes touching 6.37-1 / 2 USD / bushel – the lowest since date. February 12, 2020. Meanwhile, corn price in May 2021 increased by 1/2 US cent to 5.39 USD / bushel. Soybean futures price in May 2021 decreased 1/4 US cent to 14.13-1 / 4 USD / bushel.
Palm oil prices have the strongest increase week of 5.5 years
Palm oil prices in Malaysia rose for the 8th consecutive session and had the strongest increase in nearly 5.5 years, due to a decrease in inventories and a sharp rise in soybean oil prices.
Palm oil futures price in May 2021 on Bursa Malaysia increased 66 ringgit equivalent to 1.63% to 4,125 ringgit (1,002.19 USD) / ton – the highest in 13 years.
For the whole week, palm oil prices increased by 10.27% – the week with the strongest increase since September 25, 2015.
Supply of palm oil tightened due to inventories as of the end of February 2021 fell lower than expected, while output hit a 5-year low, the Malaysian Palm Oil Commission said.
Prices of some key items on the morning of March 13
