Market on 5/6: Rice price peaked in 8 years, iron ore turned down after exceeding 100 USD / ton
Market on 5/6: Rice price peaked in 8 years, iron ore turned down after exceeding 100 USD / ton
Oil fluctuated slightly as investors waited to know clearly about OPEC's decision
Despite the sharp fluctuations of the day, oil prices only changed slightly at the end of the last trading session as investors awaited the decisions of key oil exporting countries to extend the cut time. output or not.
The Organization of Petroleum Exporting Countries and its allies, including Russia (OPEC +) are discussing when to hold ministerial-level talks to discuss whether to extend measures to cut production such as present or not.
Closing the session, Brent oil increased by 20 US cents (0.5%) to 39.99 USD / barrel, West Texas American oil (WTI) increased by 12 US cents to 37.41 USD / barrel.
Saudi Arabia and Russia, two of the world's largest oil producers, agreed to continue cutting production by 9.1 million barrels a day a month. However, OPEC +'s early meeting on June 4 as proposed by the OPEC President was postponed amidst the context of the group still having opinions on the fact that some oil producers have not fully complied with the cut agreement. reduction current. Saudi Arabia, Kuwai and the United Arab Emirates have no plans to extend the time to voluntarily cut additional production by 1.18 million barrels a day after June 2020, suggesting a possible supply of crude oil. increase over the next month, regardless of how OPEC + decides.
Gold gained over 1% due to Wall Street and USD declines
Gold prices rose in the last session when Wall Street stocks fell and the dollar also weakened due to less positive US trade data despite the labor market showing signs of improvement.
At the end of the session, spot gold price increased by 1.3% to USD 1,719.42 / ounce, gold futures in August 2020 increased by 1.3% to USD 1,719.42 / ounce.
"The stock market is in the red, signaling that investors still have strong demand for safe assets like gold," TD Securities commodities strategist Daniel Ghali said. USD dropped to the lowest level in nearly 3 months.
The US trade deficit increased in April 2020 as the Covid-19 pandemic hampered global flows of goods and services, pushing exports to a 10-year low.
Iron ore decreased after exceeding 100 USD / ton
Iron ore futures prices on both exchanges Dalian and Singapore fell in the last session due to investors becoming more cautious after the price increase at the beginning of the session.
Concerns about supply from Brazil and declining inventories in China have pushed up commodity prices in recent days. At the end of the session 4/6, iron ore futures in September 2020 on Dalian floor decreased 2.1% to 737 CNY (103.49 USD) / ton, after increasing 2.3% at the beginning of the session. On Singapore floor, the ore term for June 2020 decreased by 1.7% to US $ 99.18 / ton at the end of the session, after reaching 101.3 USD / ton just a few hours earlier. In the previous session, 62% spot iron ore imported into China dropped from the 10-month high to 101.5 USD / ton.
The market continued to fluctuate for the 2nd session in a row after Dalian requested members to trade futures iron ore in a "reasonable" way after the price exceeded 100 USD / ton, and stated will strengthen daily market surveillance and handle all violations to maintain order in the market.
Copper gained due to Europe doubling stimulus package
Copper prices rose in the last session, maintaining at a peak of 2.5 months, after the European Central Bank and the German Government announced major economic stimulus packages and the number of unemployed in the US dropped.
Copper reference term (delivered after 3 months) on the London floor increased by 0.1% to $ 5,528 / ton at the close, in the session sometimes reached 5,552 USD / ton, a record high of 2.5 months as already reached in the previous session.
Soybean highest nearly 2 months, wheat also increased
US soybean prices in the last session reached the highest level in nearly 2 months, while wheat increased by more than 2% and firm corn due to a weak US dollar raises expectations of US grain and oilseed exports. will be stronger (weaker USD makes US agricultural products more competitive than Brazilian ones).
On Chicago floor, soybean futures in July 2020 increased by 10-1 / 4 US cents to 8.67-3 / 4 US Department of Agriculture repeatedly consecutively confirmed US soybean sales to some unspecified locations. , which traders said were Chinese customers, despite rising political tensions between Beijing and Washington.
Meanwhile, wheat futures in July 2020 increased by 11-3 / 4 US cents to 5.23-3 / 4 USD / bushel, after a time of reaching 5.29 USD - the highest since April 28. ; and corn rose 5 US cents to US $ 3.29 / bushel.
Road going up, raw sugar highest 2.5 months
IFrame
Sugar prices continued to rise in the last session due to speculative funds increasing demand amid the global economic recovery.
Raw sugar in July 2020 on New York bourse rose 0.11 US cent, or 0.9%, to 11.73 US cent / lb, the highest since March 11, 2020. Investor sentiment turned positive although no one expected prices to return to the highs of mid-February 2020.
August white sugar on the London floor increased by 9.2 USD, equivalent to 2.4%, to 384.80 USD / ton. The supply of white sugar is tightening as Thailand's output declines. Price of white sugar for 1 month term is 20 USD / ton higher than 2 month period. This reversal position shows that physical demand for white sugar is very strong.
Vegetable oil drops
Palm oil prices fell over 3% in the last trading session when investors sold their profits after 2 previous strong gains, amid the context of estimated reserves of May 20/20 increased.
Palm oil futures delivered in August on Bursa (Malaysia) decreased 3% to 2,326 ringgit (543.84 USD) / ton. In the two previous sessions, the price of palm oil increased by 2.5% and reached a 2-month high in June 3, 2020.
Meanwhile, the price of soybean oil on Dalian floor also fell 0.63%, and palm oil on the Chicago floor fell 1.18%.
CGS-CIMB Research predicts Malaysia palm oil production, the world's second largest producer, may have increased by 3% in May 2020. Meanwhile, Indian palm oil imports in May 2020 decreased by 53% compared to the same period last year due to the national blockade policy against Covid-19. It is doubtful that OPEC + will reach an agreement to cut production deeply after June 2020, contributing to pressure on palm oil price.
Vietnamese rice is the highest in 8 years, Thai rice also increases while India decreases
Vietnam's rice export price has risen sharply this week, reaching a record high of more than 8 years because businesses have difficulty gathering enough goods to meet the increasing demand, amid the heavy rainfall affecting the harvest in Mekong Delta. Vietnam's 5% broken rice exports are currently valued at 475 USD / ton, the highest since early 2012, compared to 450 - 460 USD / ton a week ago. Businesses are busy gathering goods to perform contracts signed with Malaysian and Cuban customers.
5% broken rice of Thailand also increased to 490 - 512 USD / ton, from 489 - 490 USD / ton a week ago, mainly due to the stronger baht, amid the market worries about supply. inland although it has been raining recently.
5% broken parboiled rice in India decreased to US $ 367 - 373 / ton, from US $ 370 - 375 / ton a week ago, as African and Asian importers gradually reduced their buying speed later. when it was actively purchased in May.
Decreased coffee
July arabia coffee price decreased by 0.95 US cent, equivalent to 1%, to 98.15 US cent / lb. Even so, the real currency weakens and Brazil's coffee harvest is a bit slower than the average of the same time the previous years are supporting the price of this item. Robusta delivered in the same period also decreased 4 USD (0.3%) to 1,198 USD / ton.
In Asia, Vietnam's domestic coffee prices were firm last week because the supply of coffee growers was not much, while the Indonesian coffee plus level widened due to the weak USD against the rupiah.
Coffee growers in the Central Highlands are selling coffee beans for 32,000 VND (1.38 USD) / kg, unchanged compared to a week ago. Robusta coffee export type 2 (5% black and broken) price plus 200 USD / ton compared to the period 9/2020 on the London floor (trading session 4/6), a little lower than the plus 200 to 220 USD / ton a week ago.
Reuters quoted a trader in Ho Chi Minh City, said coffee growers do not want to sell the second half to 2.5% of this year's production remaining at the current price because of lower production costs. However, they also could not raise prices because of increased US-China tensions and the Covid-19 epidemic.
Meanwhile in Indonesia, Sumatra robusta coffee of Lampung province plus 350 USD / ton, compared with 290-300 USD / ton a week ago. The Indonesian rupiah has increased more than 3% against the USD since the beginning of this week. Indonesia exported 7,966.2 tons of Sumatra robusta coffee from Lampung province in May 2020, down 9% from the same period last year.
Chinese Onions: Demand over supply
Many regions in China harvest onions almost the entire year, of which the main production area is Shandong. Recent weather in Shandong has always been favorable, so the output is high. As a result, the price of onions here continues to fall. Purchasing price in January 1/2020 about 2 CNY / 0.5 kg, until the first half of May 2020 only 0.4 CNY / 0.5 kg, much lower than the same period last year. The reason is attributed to the outbreak of Covid-19, which made it difficult to export, causing oversupply. In addition, India's onion harvest season has further affected Chinese onion prices.
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