Price oil increase
Oil prices increased, due to concerns about supply disruptions in the Middle East and comments from the US Treasury Secretary that the economy is doing well.
Closing the trading session on April 25, Brent crude oil increased 99 US cents, equivalent to 1.1%, to 89.01 USD/barrel and West Texas Intermediate WTI oil increased 76 US cents, equivalent to 0.9%, to 83.57 USD/barrel. bin.
US Treasury Secretary Janet Yellen said the country’s economic growth was stronger than expected because quarterly figures were lower than expected.
In addition, the increase in oil prices was supported by an unexpected sharp drop in US crude oil inventories last week, while exports increased, EIA said.
US fuel demand concerns rise, amid signs of softer US business activity in April 2024, higher-than-expected jobs and inflation figures, which means the Fed More likely to delay expected interest rate cuts.
Natural gas prices in the US continue to decline
US natural gas prices fell, after hitting a one-month low, pressured by US government data showing that inventories last week were higher than expected.
The May 2024 natural gas futures price on the New York stock exchange decreased by 1.5 US cents, equivalent to 0.9%, to 1.64 USD/mmBTU.
Gold price increases
Gold prices rose, buoyed by a weaker dollar, even as US Treasury yields rose after economic data showed signs of lingering inflation, dampening expectations the US Federal Reserve would cut interest rates soon. .
Spot gold on the LBMA floor increased 0.8% to 2,333.79 USD/ounce. However, to date, gold prices have decreased by nearly 100 USD/ounce since the record high of 2,431.29 USD/ounce on April 12, 2024. Gold futures for June 2024 on the New York exchange increased 0.2% to 2,342.5 USD/ounce.
The dollar fell, after data showed that US economic growth in the first quarter of 2024 was slower than expected, but rising inflation showed that the Fed will not cut interest rates before September 2024.
Copper prices continue to increase
Copper prices increased due to increased buying activities and a weakening USD.
The price of copper delivered after 3 months on the London exchange increased 1% to 9,869 USD/ton – getting closer to the 2-year peak (9,988 USD/ton) in the session on April 22, 2024.
Since the beginning of the month until now, copper prices have increased by 11% and from the beginning of the year until now by 15%.
Copper prices are supported by a weakening dollar, making greenback-denominated copper more expensive to buy in other currencies.
Goldman Sachs analysts predict a shortage of 428,000 tons in the global refined copper market in 2024 and expect copper prices in London to reach $12,000/ton in the next 12 months.
Iron ore and steel prices increased
Iron ore prices on the Dalian exchange increased for the second consecutive session, supported by expectations that demand in the top consuming country – China – increased, but profit-taking selling activities limited the increase.
Iron ore futures price for September 2024 on Dalian exchange increased 1.03% to 879.5 CNY (121.36 USD)/ton, after increasing more than 3% in the previous session.
Meanwhile, the May 2024 iron ore futures price on the Singapore stock exchange decreased by 0.36% to 117.5 USD/ton. In the previous session, iron ore prices increased more than 5%.
On the Shanghai floor, rebar prices increased by 0.03%, hot-rolled steel coils increased by 0.08%, steel coils increased by 0.26% and stainless steel increased by 1.16%.
Price Rubber in Japan decreased for the third consecutive session
Rubber prices in Japan fell for the third consecutive session to a 7-week low, following the trend of falling rubber prices in Shanghai, amid a weak demand outlook and a decline in tire output in China ahead of the holiday. long ceremony.
October 2024 rubber futures price on the Osaka floor (OSE) decreased by 3.4 JPY, equivalent to 1.11%, to 302.1 JPY (1.94 USD)/kg – the lowest since March 8, 2024 .
At the same time, the September 2024 rubber futures price on the Shanghai floor decreased by 170 CNY to 14,045 CNY (1,938.07 USD)/ton.
China-based Beite Futures said some tire manufacturers have reduced production to prepare for the upcoming Labor Day holiday.
Business activity in the US in April 2024 dropped to a 4-month low due to weak demand.
Rubber futures price for May 2024 on the Singapore exchange decreased 1% to 158.8 US cents/kg.
Coffee prices simultaneously increased in Vietnam, Indonesia, London and New York
Coffee prices in Vietnam exceeded 1,000 USD/ton for the first time, amid concerns about the supply of the next crop due to lack of irrigation water, while Indonesia is expected to harvest coffee in June 2024.
Vietnam’s export robusta coffee price (type 2, 5% black & broken) is offered at an additional 1,105-1,100 USD/ton compared to the July 2024 futures contract on the London floor. In the domestic market, green coffee was sold for 128,200-129,500 VND (5.06-5.11 USD)/kg, up from 105,000-105,900 VND/kg a week earlier.
In Indonesia, the price of type 4 robusta coffee (80 defective beans) is offered at a plus of 600 USD/ton compared to the May 2024 futures contract on the London floor, up from a plus of 550 USD/ton a week earlier. .
In New York, Arabica coffee futures price in July 2024 increased 1% to 2,281 USD/lb.
In London, the price of robusta coffee futures in July 2024 increased by 38 USD, equivalent to 0.9%, to 4,304 USD/ton, after reaching a record high of 4,338 USD/ton.
Sugar prices decreased
The price of raw sugar futures for May 2024 on the ICE exchange decreased by 0.52 US cents, equivalent to 2.6%, to 19.48 US cents/lb.
At the same time, the price of white sugar futures in August 2024 on the London exchange decreased by 2.3% to 563.6 USD/ton.
Wheat and corn prices increased, soybean prices decreased
Wheat prices in the US increased for the second consecutive session, due to concerns about prolonged dry weather conditions in the top exporter – Russia.
On the Chicago floor, wheat futures price in July 2024 increased 7-1/2 US cents to 6.2-1/2 USD/bushel, after reaching a record high since January 26, 2024 (6 .23-1/2 USD/bushel). Corn futures prices for July 2024 increased by 3-1/2 US cents to 4.52 USD/bushel, while soybean prices for the same period decreased by 1-3/4 US cents to 11.79-3/4 USD/bushel.
Indian rice price is lowest in 3 months, unchanged in Vietnam and Thailand
Rice export prices of the leading exporter – India – fell to the lowest level in more than 3 months, due to reduced demand and abundant supply, while Thai rice prices did not change much.
In India – the leading rice exporter, the price of 5% broken rice was at 528-536 USD/ton, compared to 538-546 USD/ton a week earlier and reached a record high of 560 USD/ton last month. there.
New Delhi imposes a 20% export tax on exported parboiled rice in August 2023, to control domestic rice prices.
For 5% broken rice, the price of Vietnamese rice is at 575-580 USD/ton, unchanged from a week ago.
In Thailand, the price of 5% broken rice was at 580-585 USD/ton, unchanged from 585 USD/ton a week earlier.
Palm oil price lowest in 2 months
Palm oil prices in Malaysia fell to a 2-month low, in the context of falling prices of other vegetable oils and expected increases in output in major palm oil producing countries.
Palm oil futures price for July 2024 on Bursa Malaysia decreased by 68 ringgit, equivalent to 1.73%, to 3,874 ringgit (811.48 USD)/ton – the lowest since February 27, 2024.
Prices of some key items on the morning of September 26 4
Tags: Prices oil gold copper steel coffee increased Indian rice lowest months
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