APRIL 6TH: OIL, GOLD, AND RUBBER PRICES WENT DOWN

Oil prices fell more than 4%

Oil prices went down by 4% due to increased output from OPEC + and the threat of another serious Covid-19 pandemic eclipsed the signs of a strong recovery of the US economy.

Closing the session on April 5, Brent crude oil for the June 2021 period fell $ 2.71 (4.2%), to $ 62.15/barrel and West Texas WTI crude oil price decreased by $2.8 (4.6%) to 58.65 USD/barrel.

Decreasing oil prices are under pressure as the Organization of Petroleum Exporting Countries (OPEC) and its allies known as OPEC + agreed to increase the monthly production from May to July 2021. Meanwhile, Iran - a member of OPEC exempted from implementing voluntary cuts that also boost supply.

The global economic outlook is down due to another wave of coronavirus infections. Spreading infections have spiked in India, Canada, and other countries. France started to close to stop the spread of the epidemic.

Natural gas prices dropped by nearly 5%

Natural gas prices in the US fell nearly 5% to their lowest point in almost 2 weeks due to increased output and forecast of warmer weather, and heating demand until mid-April 2021 was lower than the previous forecast.

Natural gas futures in May 2021 on the New York floor decreased by 12.8 US cents (4.9%), to $2,511/mmBTU - the lowest point since March 23, 2021.

Gold price decreased, platinum highest 2 weeks

Gold prices fell because of the forecast that the US economy would recover due to increasing employment and service data, boosting Wall Street stocks to rise, but the weakening USD slowed the gold price from decreasing.

Spot gold on the LBMA market decreased by 0.1% to 1,727.64 USD/ounce and gold futures in June 2021 on the New York floor changed slightly at 1,728.8 USD / ounce.

The S&P 500 and Dow Jones index reached record highs after data showed that the US economy created the highest number of jobs in 7 months in March 2021. Meanwhile, the service strongly developed. 

USD hit the lowest point, making gold cheaper when buying in other currencies and limiting the decline in gold prices.

At the same time, platinum fell by 0.3% to $ 1,206.28/ounce, after reaching its highest level since March 18, 2021 ($ 1,218 / ounce) in early trading.

Reduced rubber prices

Rubber prices in Japan fell due to decreasing oil prices.

The rubber price in September 2021 on the Osaka market decreased by 0.8 JPY to 250.7 JPY (2.3 USD) / kg, in the beginning of the session, the rubber price reached the highest level of 1 week (253.7 JPY) / kg).

In addition, the weak JPY against the USD makes rubber purchased with Japanese JPY more expensive when buying with other currencies.

Rubber price in May 2021 on the floor of SICOM increased by 0.9% to 165 cents/kg.

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Coffee prices increase

Arabica coffee future price in May 2021 on ICE increased by 0.5 US cent, equivalent to 0.4% to 1,221 USD / lb.

Dry weather in most of the important growing areas in the top producing country - Brazil - influences coffee crop growth in the final stage of development before the start of the harvest, which has supported prices.

Sugar prices increase

Sugar prices have risen, driven by increasing demand, but uncertain prospects for the coronavirus pandemic and sales have limited momentum.

Raw sugar price in May 2021 on ICE increased by 0.13 US cent, equivalent to 0.9% to 14.84 US cent/lb.

Soybeans and wheat price increased, corn price decreased

Wheat prices in the US increased due to concerns of declining US supplies because of increasing export demand and decreasing growing acreage.

In The Chicago market, soybean futures prices in May 2021 increased by 10-3 / 4 US cents to 14.12-3 / 4 USD / bushel, wheat prices at the same period increased by 7 US cents to 6.18 USD / bushel. bushel. Meanwhile, corn price in May 2021 decreased by 6-1 / 2 US cent to 5.53-1 / 4 USD / bushel, after reaching the highest level since June 2013 (5.85 USD / bushel). bushel) on April 1, 2021.

Palm oil prices increased

Palm oil prices in Malaysia rose for the third session in 4 sessions, due to rising soybean oil prices, low inventories, and tight supply.

Palm oil futures price in June 2021 on Bursa Malaysia increased by 3 ringgit, equivalent to 0.08% to 3,740 ringgit ($ 903.38) / ton, in the beginning of the session, palm oil price increased by 1.6% to a high level. most since March 25, 2021. 

Price of some products on Apr6th

Source: Doanh nghiep va tiep thi

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