Oil prices changed little in Thursday’s trading session (September 30), while gold and iron ore rose sharply due to a weakening USD and an incident in an iron ore mine. Only copper fell due to concerns about falling Chinese demand.
Stable oil prices
Oil prices were almost unchanged in the last session as news that China was preparing to buy more oil and other energy sources to meet growing demand had the effect of pushing up prices, but data showed that the country’s oil inventories The US suddenly rose and the dollar strengthened, putting downward pressure.
Closing the session, Brent crude for November delivery fell 12 cents, or 0.2%, to $78.52 a barrel, while US West Texas Intermediate (WTI) crude added 20 cents, or 0.3 % to 75.03 USD.
In this session, there was a time when the price of both oils fell by more than 1 USD/barrel.
China’s Premier Li Keqiang said that the world’s largest crude oil importer and the world’s second largest consumer (China) will ensure energy and electricity supply and maintain economic activities. within a reasonable range.
“If China is happy to pay any price for energy, that could intensify the energy crisis in Europe,” said Edward Moya, senior market analyst at OANDA.
Gold rose 2% as USD fell towards the end of the session
Gold prices rose more than 2% in the last session as the dollar turned lower after the weekly jobs data in the US dropped.
Accordingly, spot gold price increased by 1.7% to 1,755.56 USD/ounce at the end of the session, after gaining 2.2% to a one-week high at one point; Gold futures for December 2021 also gained 2% to end the session at $1,757.
Data on Thursday showed that the number of Americans who applied for new unemployment benefits rose last week, which could stomp fears the US labor market is weakening.
“This also leads to uncertainty about the Fed’s cuts to its economic support programs as it wants a strong job market ahead of the announcement of the cuts,” said independent consultant Robin Bhar. there”.
Copper falls on strong USD and China power shortage
Copper prices fell on Wednesday as a stronger dollar and supply constraints in China – the world’s top consumer of the metal – fueled worries about the demand outlook.
Talks on tightening monetary policy in the US sent the dollar surging to a record 1-year high, making the greenback-denominated metal more expensive for holders of other currencies. other currencies.
At the end of the session, the reference copper futures price (delivered in 3 months) on the London Metal Exchange (LME) fell 2.4% to 8,934 USD/ton.
The metal – widely seen as a gauge of the health of the global economy – fell for the first quarter in six quarters in the third quarter.
However, a decrease in copper stocks helped limit the downside momentum. Accordingly, the amount of copper in storage at the Shanghai Futures Exchange has fallen to its lowest level since May 2009, currently at 43,525 tons, down 2.5% from last Friday. At LME warehouses, copper is currently at its lowest level since June, at 124,200 tonnes.
Iron ore soars after the Pilbara incident
The price of iron ore futures on the Dalian exchange (China) rose to a three-week high on Thursday (September 30) after Fortescue Metals Group halted mining operations at a project. in the Pilbara, while hopes of improved Chinese demand in the fourth quarter helped support prices further.
Iron ore miner Fortescue said an employee was killed following ground subsidence at the Solomon Hub site in Australia’s Pilbara region.
Iron ore futures for January 2022 on the Dalian Commodity Exchange ended up 5.4 percent higher at 721.50 CNY ($111.58) a ton, at one session reaching 758 CNY, the highest since September 8th.
Iron ore for November delivery on the Singapore Exchange rose 3.4% to $118.45 a tonne, after also hitting a two-week high of $127.80.
This week’s rise in iron ore futures prices also reflected a rebound in spot prices in China, the world’s top steel producer, underpinned largely by stockpiling demand ahead of the Holiday Week. national gold, from October 1.
Steel prices this session also increased. Accordingly, rebar on the Shanghai Futures Exchange increased by 1.2%, while hot rolled coil increased by 0.4%, and stainless steel alone decreased by 2.4%.
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