Prices of oil, gold, copper, rubber … increased in the last session as the market expected the Chinese Government to increase economic stimulus measures to reduce the impact from the Covid-19 epidemic.
Recovery Oil
Oil prices rose in the past session as the market watched China’s economic support plans to mitigate the negative impact of the anti-Covid-19 blockade in the country.
Brent oil price ended the session up 2.67 USD, or 2.6%, to 104.99 USD/barrel; West Texas Intermediate (WTI) oil rose $3.16, or 3.2%, to $101.70.
The transaction was unstable as the price of Brent oil sometimes touched a low of 101.08 USD, while WTI oil touched 97.06 USD/barrel, pressured by demand concerns in China, an oil importer. world’s largest crude.
The price of ultra-low sulfur diesel oil on the NYMEX last session even increased by 9.2% to $4.47 per gallon, a record closing high, after Poland said Russia warned that supply Gas will be stopped from Wednesday (April 28).
China’s central bank said it would cautiously strengthen monetary support for the economy. Any stimulus measures will boost oil demand in the country.
China’s capital Beijing has extended mass Covid-19 testing to most of the city of nearly 22 million people, and the city’s people are preparing for a strict blockade similar to Shanghai.
Gold rose
Gold prices in the session on April 26 rebounded slightly from the lowest level in more than a month of the session before investors sought safe havens for their assets amid concerns about global economic growth. Demand stagnated and inflation skyrocketed. In addition, there are also some people who hunt for cheap goods after the recent price drop is too deep.
Spot gold prices rose 0.1% to $1,899.91 an ounce at the close of the session, with a rebound over the key $1,900 level at times. In the April 25 session, the spot gold price fell to $1,890.20, the lowest level since March 29.
Gold price for June delivery in the last session also increased by 0.4% to 1,904.1 USD.
Copper rose
Copper prices rose in the past session after China’s central bank said it would strengthen policy to support the economy, but the Covid-19 epidemic is hampering all activities in the world’s top metal consumer. world, and expectations of positive US interest rate hikes capped copper appreciation.
Three-month copper futures on the London Stock Exchange ended up 0.7 percent higher at $9,841 a tonne. In the previous session (April 25), the price of this metal widely used in the electricity and construction industries fell to $9,756.50, the lowest level since February 9.
“Hopes of further Chinese stimulus measures have helped improve sentiment, but the negative effects are still there,” said a metals trader.
Corn and wheat up, soybean down
U.S. corn and wheat prices rose on Wednesday on concerns that adverse weather in key producing regions will limit the size of these crops this year.
Soybean prices fell this session after Brazil’s Anec company raised its forecast for the country’s oilseed export outlook. The downside, however, was capped by signs that US products are still doing well in deals with top buyer China.
On the Chicago Board of Trade, the price of soft red winter wheat for the July term rose 22-1/2 cents to 10.95 USD/bushel; corn futures in July increased 3-1/2 cents to 8.01-1/2 USD/bushel; July soybean futures fell 3-1/2 cents to $16.71-3/4 per bushel.
Road to recovery
Raw sugar prices recovered due to higher oil prices, so the price of May futures rose 0.04 US cents, or 0.2%, to 18.99 cents/lb. In the previous session, the price of raw sugar fell to a 4-week low of 18.87 cents in the previous session.
The price of white sugar for August delivery continued to decrease by $0.60, or 0.1%, to $520.50/ton.
Coffee rose
Arabica coffee for July delivery ended April 26, up 0.45%, or 0.2%, to $2,2115/lb, after falling nearly 3% in the previous session.
Dealers say the coffee market is being pressured by concerns about global growth with consumption prospects already dampened by the conflict in Ukraine.
The price of robusta coffee delivered this month fell 12 USD, or 0.6%, to 2,054 USD/ton.
Rubber rose
Rubber futures prices in Japan rose in the past session on the positive influence of the rising Nikkei index, although concerns about weak Asian economic growth and the Covid-19 outbreak in China have subsided. increase rate
Ending the session, rubber for October delivery at the Osaka Exchange rose 1.1 yen, or 0.4%, to 251.4 yen ($1.97)/kg. Japan’s Nikkei index rose 0.4% this session.
In other markets, rubber prices on the Shanghai bourse, for September delivery, fell 230 yuan to 12,635 yuan ($1,928.18) per ton.
Gas reduction
Prices of most wholesale gas contracts in Europe (on UK and Dutch exchanges) fell on April 26 amid continued strong supply.
The May gas contract in the UK fell 5.35 GBP to 147.65 GBP/therm, while in the Netherlands fell 2.4 euros at 90.75 euros/MWh.
Iron and steel decrease
China’s stainless steel prices fell for a second consecutive session after the price of nickel – one of the raw materials for stainless steel production – dropped sharply, while weak downstream consumption due to the Covid-19 epidemic also depressed the price of stainless steel in China. reduce traders’ sentiment.
Accordingly, June stainless steel futures on the Shanghai exchange fell 1.4% to 19,225 yuan (US$2,936.28) per ton, the lowest close since March 4. Prior to that, the contract This sometimes fell 4% to 18,720 yuan.
Prices of other steel products also fell in this session, with rebar used in construction, for October delivery, down 0.7% to 4,829 yuan/ton; Hot rolled coil, used in the manufacturing sector, fell 1.2% to 4,907 yuan per tonne.
Iron ore futures on the Dalian Commodity Exchange, for September delivery, fell 2.5% to 809 yuan per tonne, extending the losing streak to the third session.
Prices of some key items in the morning of April 27:
T&G Import-Export Joint Stock Company
Address: 352 Hue Street, Le Dai Hanh Ward, Hai Ba Trung District, Hanoi
Hotline: 02473010868
Email: hrm@tginterjsc.com
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