Prices of many key raw materials hit record highs on Monday (June 6), with copper hitting a five-week high, sugar a five-and-a-half year high, and iron ore a 10-month high.
Oil price is close to 120 USD/barrel
Oil prices ended June 6 slightly lower after a volatile session, in the context of Saudi Arabia raising the price of crude oil for delivery in July but the market believed that the increase in OPEC + oil producers. output will ease the tight supply situation.
Brent crude ended the session down 21 cents, or 0.2%, at $119.51 a barrel after hitting an intraday high of $121.95. U.S. West Texas Intermediate (WTI) prices fell 37 cents, or 0.3%, to $118.50 a barrel, after touching a three-month high of $120.99; In the session, there was a time when WTI oil fell by 1 USD.
Saudi Arabia raised the official selling price for July futures (OSPs) for top Saudi light crude to Asia by $2.10 from June to a plus of $6.50 over the previous month. Oman/Dubai oil prices, close to all-time highs hit in May as markets panic over concerns about supply disruptions from Russia.
Previously, OPEC + decided to increase oil production in July and August by 648,000 bpd, which is 50% higher than the previous plan.
Gold fell
Gold prices fell on Monday (June 6), pressured by the dollar and rising US Treasury yields, as the market’s focus this week turned to US inflation data – which is likely to This is the basis for the US Federal Reserve (Fed) to raise interest rates strongly.
Spot gold ended the session down 0.5 percent at $1,841.29 an ounce, while August gold futures fell 0.4 percent at $1,843.70.
If the US Treasury bond yields continue to increase from now until Friday (June 10) – the time period when the published data will be the basis for the Fed to adjust policy – is expected to show Inflation remains high. The dollar also rose in the past session, making gold less attractive to overseas buyers.
Copper reaches a “top” in 5 weeks
Copper prices rose to a five-week high after China lifted its coronavirus lockdown, boosting the metal’s demand outlook, while falling inventories also helped support prices.
Three-month copper futures on the London Metal Exchange (LME) rose 2.5% to $9,735 a tonne by the end of the session, at one point touching its highest level since the 27th. /4, is 9,916.19 USD.
The cities of Beijing and Shanghai have returned to normal operations in recent days after a two-month blockade.
China’s cabinet last week announced a package of 33 measures covering fiscal, fiscal, investment and industrial policies aimed at revitalizing the pandemic-ravaged economy.
Grains rose
US wheat prices rose 5.1% in the past session on concerns that supply disruptions from Ukraine will persist.
The uptrend in wheat prices has spread to the corn market, ending the market’s previous four-day losing streak. Soybean prices also increased slightly.
The price of soft red winter wheat, for July delivery, rose 53 cents to $10.93 per bushel. The price of corn for delivery in the same period increased 15-1/2 cents to 7.42-1/2 USD/buyshel.
Soybean prices in July also increased 1-1/2 cents to 16.99-1/4 USD/bushel.
The highest road 5.5 years
White sugar prices rose to a five-and-a-half year high as dealers fear India’s sugar exports may fall short of the 10 million tonnes limit this season, while raw sugar prices buck the trend of white sugar prices. .
White sugar for August futures futures rose $15.90, or 2.8%, to $594.00 a tonne, after hitting its highest since October 2016 at $599.60.
“There are early indications that the new system (of India) for ‘export permission’ (sugar) is slow and difficult. We therefore think that exports may not reach the full 10 million tonnes. as permitted by the Government,” said broker Marex Spectron.
The price of raw sugar delivered for the same period also increased 0.27 cents, or 1.4%, to 19.56 cents/lb.
Coffee rose
Arabica coffee for July delivery rose 5.15 cents, or 2.2%, to $2.3755/lb, after touching its highest level since February of $2,4200 on Thursday. 6).
Robusta price for July delivery this session fell 3 USD, or 0.1%, to 2,133 USD/ton.
Rubber soars
Rubber prices on the Japanese market ended the session at a 7-week high on the back of an uptrend in raw material prices and on optimism after China eased anti-COVID-19 measures.
The November rubber contract on the Osaka Exchange rose 2.8 yen, or 1.1%, to 262.6 yen ($2.01) per kg. This is the eighth consecutive price increase.
The price of Thai rubber last session hit the highest level since April 12, at 52.85 baht ($1.54)/kg. Rubber for September delivery on the Shanghai futures exchange rose 30 yuan to 13,350 yuan ($2,007.31) a tonne, after hitting its highest since April 20, at 13,450 yuan. yuan.
Iron ore highest 10 months
Iron ore futures in Dalian rose to a 10-month high as stocks of steelmaking raw materials at Chinese ports continued to shrink.
Iron ore for September delivery on China’s Dalian Commodity Exchange ended up 0.7 percent in daytime trading at 925 yuan ($139.02) a ton, after touching 948 yuan. currency at the beginning of the session, the highest level since the first week of August.
On the Singapore Exchange, the iron ore contract for July delivery was steady at $142.70/ton.
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