Closing the session on December 8, oil, copper and iron ore prices continued to increase, gold remained stable, coffee near 10-year highs, while stainless steel was at its lowest in more than 3 months.
Oil prices continue to rise
Oil prices rose for a fourth straight session, as investors said the Omicron coronavirus variant would not affect global economic growth.
Closing the session on December 8, Brent crude rose 38 US cents, or 0.5%, to $75.82 a barrel and West Texas Intermediate crude rose 31 US cents, or 0.4%, to $72.36. /bin. Since the beginning of the month, Brent oil prices are up about 10%, when Omicron will have only a limited impact on oil demand.
The rise in oil prices was also attributed to a 240,000-barrel drop in US crude inventories and an increase in gasoline and distillate inventories as refineries increased output.
However, the market expects supply to exceed demand in early 2022, due to increased US oil production and continued replenishment from the Middle East. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, known as OPEC+, maintained their schedule to boost supply by 400,000 bpd per month, despite fears of a new variant. will reduce demand.
Natural gas prices up 3%
Natural gas prices in the US increased by 3%, as heating demand forecast was higher than previously expected this week and the US market followed the trend of gas prices in Europe increasing by 8%, which should boost exports. U.S. liquefied natural gas rose to near record highs.
The price of natural gas for January 2020 term on the New York Stock Exchange increased by 10.7 US cents, or 2.9%, to $3,815/mmBtu.
Gold price remains stable
Gold prices remained steady, as a falling dollar offset a rise in US Treasury yields and investors focused on this week’s US consumer price data.
Spot gold on the LBMA was unchanged at $1,784.01 an ounce, down from its peak ($1,792.9 an ounce) during the session and February 2022 gold on the New York Stock Exchange was unchanged at level 1,785.5 USD/ounce.
Rising US Treasury yields dampened demand for bullion, while a falling dollar index made gold cheaper to buy in other currencies.
Copper price rose for the third consecutive session
Copper prices rose for a third session in a row, as China – the largest consumer – stimulated its economy and Pfizer said a third round of vaccination could neutralize the Omicron corona virus variant.
Copper prices on the London bourse rose 0.5% to $9,645 per tonne. Since the beginning of the year, the price of copper has increased by more than 20% and fluctuated between $9,000-10,000/ton since reaching a record high ($10,747.5/ton) in May 2021.
China’s copper imports in November 2021 increased 24.3% compared to October 2021, to the highest level since March 2021.
Stainless steel price lowest in more than 3 months, iron ore increases
Stainless steel prices in China fell to a more than three-month low, hit by slowing downstream demand and falling raw material prices.
The price of stainless steel for January 2022 on the Shanghai Exchange fell 4.2% to 16,085 CNY / ton – the lowest since September 2, 2021.
On the Shanghai bourse, the price of rebar in May 2022 fell 2% to CNY 4,350/ton, hot rolled coil price dropped 2.1% to CNY 4,528/ton.
Meanwhile, iron ore prices on the Dalian bourse increased 1.5% to CNY 659/ton, gaining for the third consecutive session after gaining 4.2% in early trading. Spot price of 62%Fe iron ore to China rose $7 to $111.5 a ton, consulting firm SteelHome said.
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