Illustration photo.
Oil Price Rises
Oil prices climbed about 1%, as concerns over a storm expected to hit Louisiana raised fears of disruptions to production and refining along the US Gulf Coast.
Brent crude futures settled up 78 cents, or 1.1%, at $71.84 a barrel, while WTI crude rose $1.04, or 1.5%, to $68.71 per barrel, on September 9.
In the previous session, Brent crude and US diesel futures closed at their lowest since December 2021. WTI oil fell to its weakest since June 2023, and US gasoline dropped to its lowest since February 2021.
US oil producers along the Gulf Coast began evacuating staff and curbing oil drilling in preparation for Tropical Storm Francine, which is moving across the Gulf of Mexico.
US Natural Gas Price Falls by 5%
US natural gas futures fell nearly 5% on forecasts that the storm would hit Louisiana this weekend, potentially reducing demand.
The October natural gas contract on the New York Mercantile Exchange (NYMEX) fell 10.5 cents, or 4.6%, to settle at $2.17 per mmBtu. In the previous session, natural gas prices hit their highest since July 12, 2024 – the second straight session.
Gold Price Holds Steady
Gold prices were steady as investors awaited US inflation data for clues on the pace of Federal Reserve interest rate cuts.
Spot gold on the LBMA was slightly changed at $2,499.79 an ounce. Gold futures for December 2024 on the New York Mercantile Exchange rose 0.3% to $2,532.70 per ounce.
Gold hit a record high of $2,531.60 on August 20, 2024.
Copper and Aluminum Prices Rise
Copper prices rebounded on expectations of stimulus measures in top consumer China and lower inventory data, boosting buying ahead of US inflation figures due later in the week.
London copper rose 1.2% to $9,102 a ton. At the same time, aluminum for delivery in three months on the London Metal Exchange (LME) gained 0.7% to $2,358 a ton.
Fed rate cuts would boost economic activity and demand while putting pressure on the US dollar, making metals cheaper for buyers holding other currencies.
Iron Ore Price Breaks 6-Session Losing Streak, Steel Rebar Rises
Iron ore prices on the Dalian Commodity Exchange rose after six straight sessions of losses, buoyed by expectations of fresh stimulus measures from top consumer China following a string of weak economic data.
The January 2025 iron ore contract on the Dalian Commodity Exchange ended up 0.44% at 685 yuan ($96.35) per ton. Earlier in the session, iron ore fell to 662 yuan per ton, its lowest since August 21, 2023.
Meanwhile, the October 2024 iron ore contract on the Singapore Exchange fell 0.22% to $91.50 per ton.
On the Shanghai Futures Exchange, steel rebar rose 2.08%, hot-rolled coil climbed 0.87%, and steel wire gained 0.36%, while stainless steel fell 1.45%.
Rubber Prices in Japan Rise
Rubber prices in Japan rose for a second straight session, as supply disruptions from a major storm in top producer China outweighed weak demand prospects from the leading consumer, with higher oil prices also lending support.
The rubber contract for delivery in February 2025 on the Osaka Stock Exchange (OSE) rose 6.8 yen, or 1.94%, to 356.6 yen ($2.50) per kg.
At the same time, the most-active rubber contract for January 2025 delivery on the Shanghai Futures Exchange climbed 560 yuan to 16,880 yuan ($2,374.62) per ton.
Rubber futures for October 2024 delivery on the Singapore Exchange rose 1.6% to 183.9 US cents per kg.
Coffee Prices Climb
Robusta coffee futures for November 2024 delivery on the London International Financial Futures and Options Exchange (LIFFE) rose $121, or 2.5%, to $4,891 per ton, still below last week’s 16-year peak of $5,180 per ton.
Arabica coffee for December 2024 delivery on ICE rose 4% to $2,454 a pound, bouncing back after falling 3.3% last week.
Sugar Prices Fall
Raw sugar futures for October 2024 delivery on ICE fell 0.08 cent, or 0.4%, to 18.83 cents a pound. Sugar fell 2.4% last week.
White sugar futures for October 2024 delivery on the London market fell 1.3% to $526.30 per ton.
Soybean and Corn Prices Rise, Wheat Unchanged
Soybean prices on the Chicago Board of Trade (CBOT) rose 1%, supported by fresh export demand, dry weather in the Midwest, and uncertainty about planting timing in Brazil.
November 2024 soybean futures on the Chicago Board of Trade rose by 12-1/2 cents to $10-1/2 per bushel. December 2024 corn futures gained 3/4 cent to $4.07 a bushel, while December 2024 wheat was unchanged at $5.67-1/2 a bushel.
Soybean prices rose due to increased demand for US supplies and concerns about delayed planting in Brazil, the world’s largest exporter.
Palm Oil Price Falls
Palm oil prices in Malaysia fell after a sell-off in soybean oil, while the market awaited output and inventory data from the Malaysian Palm Oil Board.
The November 2024 palm oil contract on the Bursa Malaysia Derivatives Exchange fell 3 ringgit to 3,895 ringgit ($891.71) per ton.
Prices of Some Key Commodities on the Morning of September 10
The Iron Ore Price Plunge: A Steep Descent Below $90/Ton
The global market is flooded with Chinese steel, sending iron ore prices tumbling.
The Unexpected Drop in SJC Gold Bar Prices
The SJC gold bar price dropped by 500,000 VND per tael this morning, September 5, while the gold ring price remained stable.
Is the Price of Gold Rings Surging Again?
This morning (September 2nd), gold ring prices remain firmly above the 78 million VND per tael mark. Forecasts indicate that gold ring prices are set to break records once more, surging to 79 million VND per tael this week.
