The rapid spread of the Omicron variant virus caused more and more countries to increase blockade measures, causing fear of serious impacts on the world economy, putting downward pressure on almost all commodity markets. chemicals, from oil to gold, metals, agricultural products….
Oil plunges due to Omicron infection wave
Oil prices fell sharply in the past session as the number of cases of the Omcron variant virus increased rapidly in Europe and the US, leading investors to fear that additional restrictions to combat this contagion could dent demand. fuel.
Ending the session, Brent crude fell $2, or 2.7%, to $71.52 a barrel, while US West Texas Intermediate (WTI) crude fell $2.63, or 3.7%. down 68.23 USD/barrel.
Bren oil in the session fell to only 69.28 USD/barrel, while WTI fell to 66.04 USD/barrel, both of which are the lowest since early December.
The Netherlands closed all activities on Sunday (December 20) and it is likely that some European countries will impose new restrictions against COVID-19 before the Christmas and New Year holidays.
US health officials on Sunday also urged Americans to get a booster shot against COVID-19, wear a mask and be careful if traveling during the winter break, amid the outbreak of the Omicron variant. worldwide and became the dominant strain in the United States.
Gold fell
Gold prices also fell in the last session amid a volatile trading atmosphere as investors tried to gauge the impact of the high number of Omicron virus infections and the extent of interest rate hikes by the US Federal Reserve. (Fed) on inflation – now soaring.
Ending this session, spot gold fell 0.2% to $1,793.33 an ounce, gold for February 2022 fell 0.6 percent to $1,794.60 an ounce.
Global stock markets retreated on worries about the impact of tightening anti-Covid-19 restrictions, but inflows into safe-haven gold appear to have stagnated. The weakening USD also did not significantly support gold in this session.
Metal drops
Industrial metal prices all dropped in the past session on fears that the spread of the Omircon variant virus will hinder the global economic recovery.
At the end of this session, three-month aluminum futures on the London Stock Exchange (LME) fell 2% to $2,670 with liquidity dwindling as year-end approaches.
Global primary aluminum production fell 0.22% year-on-year in November to 5.497 million tonnes, data from the International Aluminum Institute showed.
Copper price this session increased slightly by 0.2%. In the first 9 months of this year, the copper market lacked 161,000 tons, down from a shortfall of 239,000 tons in the same period last year.
Other metals such as zinc, tin, nickel… all fell in this session.
Iron ore gains for the 3rd consecutive session
Iron ore prices on both the Dalian (China) and Singapore exchanges rose for the third consecutive session on optimism about the outlook for steel material demand following signs that the world’s leading steel producer The world – China – returned to increase production this month.
The price of iron ore for January term on the Singapore Exchange this session increased 6.7% to 127.95 USD/ton, the highest level since October 12; iron ore for May term on the Dalian Commodity Exchange also rose 0.7% to 687.50 CNY ($107.80) per tonne, but turned down towards the end of the session.
Rubber declines due to soaring number of Omicron infections and slowing auto production
Rubber futures prices in Japan fell sharply in the past session as the number of Omicron virus infections increased sharply, forcing Europe to increase measures to control the spread and heighten concerns about the global economic recovery. . The slowdown in auto output amid tightening supply chains further put downward pressure on prices.
Ending this session, rubber for May term on the Osaka Exchange fell 6.9 yen, or 3.0%, to 226.7 yen ($2.0)/kg. Rubber for May term on the Shanghai Exchange also fell 550 CNY to 14,210 CNY ($2,229)/ton.
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