Closing the trading session on March 24, oil and aluminum prices dropped, while gold reached its highest level in more than a week, nickel, iron and steel, rubber and sugar all increased.
Oil prices fell 2%
Oil prices fell 2%, after the EU failed to agree on a Russian oil embargo plan and exports from the Caspian Pipeline Consortium (CPC) Kazakhstan could resume.
Closing the session on March 24, Brent crude oil fell $2.57, or 2.1%, to $119.03 a barrel and West Texas Intermediate crude fell $2.59, or 2.3%, to 112. 34 USD/barrel. In the previous session, both oils hit their highest levels since March 8, 2022.
EU leaders will begin a two-day summit on Thursday (February 24, 2022), to jointly buy natural gas to cut dependence on Russian fuel, some of which will not comply with Moscow’s requirement to purchase oil and gas in RUB. However, EU states are still divided over whether to directly sanction Russian oil and gas, a move already taken by the US.
The Russia-Ukraine conflict since February 24, 2022, led the EU to pledge to reduce Russia’s dependence on fossil fuels by increasing imports from other countries and rapidly expanding renewable energy.
Natural gas prices still highest in 7 weeks
U.S. natural gas prices rose 3% to a seven-week high, driven by forecasts of colder weather and stronger-than-expected heating demand for the next quarter-and-a-half.
The price of natural gas for April 2020 futures on the New York Stock Exchange increased by 16.9 US cents, or 3.2%, to $5,401/mmBTU – the highest since February 2, 2022 – for the third consecutive session.
Gold price highest in more than 1 week
Gold prices rose to a more than 1-week high, as soaring price fears and uncertainty surrounding the Russia-Ukraine conflict boosted safe-haven demand for gold.
Spot gold on the LBMA rose 1% to $1,963.21 an ounce – the highest since March 14, 2022, and April gold futures on the New York Stock Exchange rose 1.3% to $1,962.2 per ounce. ounce.
Nickel prices up, aluminum down
Nickel prices rose, boosted by supply concerns due to the Russia-Ukraine conflict.
Nickel on the London bourse rose 15% to $37,325 a tonne and nickel on the Shanghai floor rose 17% to CNY 233,710 ($36,666.14) a tonne.
Aluminum prices on the London floor fell 1.5% to 3,600 USD/ton, after gaining 4.2% in the previous session.
Russia supplies about 10% of global nickel, which is used in stainless steel and electric vehicle batteries, and also produces about 6% of global aluminum.
Stainless steel prices highest in more than 2 weeks, iron ore increases
Stainless steel prices in China rose more than 10% to their highest since March 9, 2022, after the price of raw nickel rose to the limit on both the London and Shanghai bourses.
Nickel prices on the London exchange rose 15% – for the first time – since trading resumed last week. Nickel prices on the Shanghai Stock Exchange opened 17% higher.
On the Shanghai exchange, the price of stainless steel for April 2022 futures increased by 6.7% to 21,680 CNY (US$3,405)/ton, in the early trading session, the price of stainless steel increased to CNY 22,345/ton. The price of rebar in May 2022 increased by 0.4% to 4,945 CNY/ton. Hot rolled coil price increased by 0.5% to 5,173 CNY/ton.
Iron ore prices on Dalian bourse increased 1.3% to 818 CNY/ton. Spot price of 62% Fe iron ore to China was unchanged at $147 a tonne, consulting firm SteelHome said.
Rubber prices in Japan increase
Rubber prices in Japan increased for the fifth consecutive session, due to the weakening of the JPY against the USD, limited supply and a strong increase in the Tokyo stock market supported prices.
The price of rubber for the August 2022 term on the Osaka floor increased by 2.7 JPY, or 1.1%, to 255.2 JPY (2.1 USD)/kg.
At the same time, the price of rubber in May 2022 on the Shanghai floor increased by 80 CNY to 13,465 CNY (US$2,114.81)/ton.
Heavy rains in Thailand over the past week have affected rubber latex extraction, causing tight raw material sources and high prices, a Singapore-based trader said.
Coffee prices increased in Vietnam, unchanged in Indonesia, decreased in London and New York
Coffee trading activity in Vietnam has been slow, due to low inventories, falling demand and falling world prices, while coffee prices in Indonesia were unchanged due to tight supply ahead of a poor harvest.
The price of Vietnam’s export robusta coffee (2.5% black & broken) is offered at a deduction of $240-250/ton, compared with a deduction of $220-240/ton a week ago. In the domestic market, green coffee beans were sold for 41,200-42,400 VND (1.8-1.85 USD)/kg, higher than 40,200-42,000 VND/kg the previous week.
In Indonesia, the price of Robusta coffee grade 4 (80 defective beans) offered for sale is at a discount of $200/ton compared to the May 2022 futures contract and unchanged from a week ago.
In New York, the price of arabica coffee for May 2022 futures fell 1.4% to $2,2185 per lb.
In London, the price of Robusta coffee in May 2022 decreased by 3 USD, or 0.1%, to 2,136 USD/ton.
Sugar prices increase
Raw sugar prices rose to a 2-week high, as the Brazilian real continued to rise and the Russia-Ukraine conflict pushed oil prices higher.
Raw sugar futures for May 2022 on ICE rose 0.02 US cents, or 0.1%, to 19.26 US cents/lb.
At the same time, the price of white sugar in May 2022 on the London floor increased by 1.6 USD, or 0.6%, to 551.6 USD/ton.
Wheat, corn and soybean prices fell
Wheat and corn prices in Chicago fell, despite supply disruptions from the Black Sea region after the Russia-Ukraine conflict a month ago.
On the Chicago Mercantile Exchange, soybean futures for May 2022 fell 18 US cents to 17-3/4 USD/bushel. Corn futures for May 2022 fell 9-1/2 US cents to $7.48-1/4/bushel and wheat for the same term fell 20 cents to 10.85-3/4 USD/bushel .
Rice prices fall in Thailand and India, unchanged in Vietnam
Export prices of rice in top exporting countries – India and Thailand – fell, as the local currency weakened again while traders awaited the upcoming harvest in Vietnam.
In Thailand, the price of 5% broken rice fell to $408-412/ton, from $410-428/ton the previous week, due to the baht’s fall against the dollar.
In India – the top rice exporter, the price of 5% broken rice fell to $370/ton from $371-378/ton a week ago, as the rupee fell amid demand from key buyers. stable latch.
For the 5% broken type, the price of Vietnamese rice is at $415-420/ton), unchanged from a week ago.
Palm oil prices fall
Palm oil prices in Malaysia fell after crude prices fell, making palm oil an unattractive choice for biofuel feedstock, while investors watched European meetings on conflict in Ukraine.
Palm oil futures for June 2022 on the Bursa Malaysia exchange fell 4.02% to 5,943 ringgit ($1,406.96) per ton, eroding a total of 10% gain in the previous three sessions.
Prices of some key items on the morning of March 25:
T&G International Joint Stock Company
Address: 352 Hue Street, Le Dai Hanh Ward, Hai Ba Trung District, Hanoi
Hotline: 0345786803
Email: hrm@tginterjsc.com
Website: http://tginternationaljsc.com
