The International Monetary Fund (IMF) cut its global growth forecast and US consumer confidence fell for the third consecutive month, dragging oil and gold prices down. Closing the session on July 26, oil and gold prices fell, while copper and iron ore reached a 2-week high, and crude sugar remained the lowest in a year.
Oil prices fall
Oil prices fell on lower consumer confidence and 20 million barrels of crude will be released from the US Strategic Petroleum Reserve.
Closing the session on July 26, Brent crude oil fell 75 US cents, or 0.7% to $104.4 per barrel, and West Texas Intermediate crude fell $1.72, or 1.8%, to 94.98 USD/barrel.
The Biden administration said it would sell an additional 20 million barrels of SPR crude, as part of an earlier plan to ease rising oil prices caused by the Russia-Ukraine conflict in February 2022 and rebound in demand.
Natural gas prices up 3%
U.S. natural gas prices rose 3% to a seven-week high, after rising to a 14-year high earlier in the session, on forecasts of hotter weather and surging demand, concerns about gas flows. from Russia to Europe, coal prices hit a record high.
The price of natural gas for August 2022 on the New York Stock Exchange rose 26.6 US cents, or 3%, to $8,993/mmBTU – the highest since June 7, 2022. Earlier in the session, the price of natural gas reached $9,752/mmBTU – the highest since July 24, 2008.
Gold prices continue to fall
Gold prices fell as U.S. Treasury yields fell, as a prolonged recession offset a stronger dollar, while investors turned their focus to the Federal Reserve’s two-day meeting. America.
Spot gold on the LBMA fell 0.1% to $1,716.91 an ounce. Gold futures for August 2022 on the New York Stock Exchange fell 0.1% to $1,717.7 an ounce.
The International Monetary Fund cut its global growth forecast once again, warning that risks from soaring inflation and the Russia-Ukraine conflict are materializing.
Copper price highest in 2 weeks
Copper prices rose to a two-week high, as optimism about new infrastructure projects in top metal consumer China and concerns about mine supply boosted buying activity.
Three-month copper futures on the London Stock Exchange rose 0.7 percent to $7,528 a tonne, after hitting the highest level ($7,708 a ton) since July 11, 2022 and rising for the third consecutive session. So far, the copper price is up 10% since a 20-month low on July 15, 2022, largely on expectations of the Chinese economy recovering from the Covid-19 restrictions.
Iron ore price highest in 2 weeks, steel increased
Iron ore prices in China rose to a two-week high, as expectations of improved profits at Chinese steel mills and Beijing’s support for a troubled real estate sector boost iron ore demand.
Iron ore futures for September 2022 on the Dalian Exchange rose 5.6% to 748.5 yuan ($110.81) a tonne, after hitting the highest level (749 yuan a ton) since July 11 2022 in the beginning of the trading session.
At the same time, the price of iron ore for August 2022 on the Singapore floor increased by 5.7% to 111.4 USD/ton.
On the Shanghai Stock Exchange, rebar prices rose 0.3%, hot rolled coil increased 0.5% and stainless steel increased 0.4%.
Rubber prices in Japan continue to increase
Rubber prices in Japan increased in line with the trend of rubber prices in Shanghai, but concerns about a global economic slowdown limited the upward momentum.
The price of rubber for January 2023 on the Osaka floor increased by 1.7 JPY, or 0.7%, to 239.6 JPY (1.75 USD)/kg.
At the same time, the price of rubber for September 2022 on the Shanghai floor increased by 160 CNY to 12,150 CNY (US$1,799) per ton, after reaching the highest level since July 13, 2022 in the early trading session.
Coffee prices continue to increase
The price of arabica coffee for September 2022 on ICE rose 3.15 US cents or 1.5% to 2,132 USD/lb, recovering from a 9-month low in the previous week.
At the same time, the price of robusta coffee for September 2022 on the London floor increased by 1 USD to 1,974 USD/ton.
Raw sugar price is still the lowest in 1 year
Crude sugar futures for October 2022 on ICE remained stable at 17.47 US cents/lb, after touching a 1-year low (17.35 US cents/lb) in the early trading session.
At the same time, the price of white sugar in October 2022 on the London floor decreased by 2.1 USD, or 0.4%, to 510 USD/ton.
Prices of corn, soybeans and wheat all increased
Chicago corn and soybean prices rose, as hot, dry weather threatened crop yields.
On the Chicago Mercantile Exchange, corn prices rose 17 cents to $6-3/4/bushel, after hitting the highest level (6.02-1/2/bushel) since July 19, 2022 in the early trading session. Translate. Soybean prices rose 37-3/4 US cents to 13.83-3/4 USD/bushel, wheat prices increased 33-3/4 US cents to 8.03-3/4 USD/bushel.
Palm oil prices rise
Palm oil prices in Malaysia rose on the trend of strong increases in other vegetable oil prices, offsetting the decline in the previous 3 sessions.
Palm oil futures for October 2022 on the Bursa Malaysia exchange rose 3.89% to 3,788 ringgit ($850.47) per ton.
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