17 tháng 1, 2024
Crude Oil Prices Fluctuate, Robusta Coffee Hits 16-Year High
According to data from the Vietnam Commodity Exchange (MXV), global raw material markets experienced mixed movements yesterday. Agricultural trading was closed due to the Martin Luther King Jr. holiday in the US. On other commodity price boards, many items ended the day with slight fluctuations around the reference levels. The MXV-Index stood at 2,107 points.
Crude Oil Prices Decline Slightly Amid Mixed Fundamentals
According to MXV, crude oil prices fluctuated on January 15, with no significant change from the reference level due to conflicting fundamental news. On one hand, the limited impact of the Middle East conflict on crude oil production prompted profit-taking by investors. On the other hand, severe weather in North Dakota, USA, disrupted oil production in the region, leading to a reduction in oil output.
Market liquidity was relatively thin. Closing prices will be calculated early on January 17 due to the early closure of the trading session for the holiday. As of 2:30 AM on January 16, WTI crude oil prices fell by 0.3% to $72.5 per barrel, while Brent crude dropped by 0.2% to $78.15 per barrel.
Many oil tanker operators are avoiding the Red Sea and altering their routes following military actions by the US and UK targeting Houthi positions in Yemen. Data from LSEG and Kpler shows that at least six more oil tankers left the southern Red Sea on Monday, with Torm Innovation, Proteus Harvonne, and Alfios I shifting to longer routes around the Cape of Good Hope in Africa.
Despite this, the market does not anticipate that escalating conflict will jeopardize crude oil production and flow from the Middle East, which accounts for about one-third of global oil output. This has led to profit-taking by bullish speculators, putting pressure on oil prices.
However, the decline in oil prices is narrowing as US supply tightens. According to the latest estimates from the North Dakota Pipeline Authority, North Dakota's oil production has dropped by 400,000 barrels to 425,000 barrels per day due to cold weather and operational issues. Before the reduction, North Dakota was producing around 1.2 to 1.3 million barrels per day, representing over 1% of global demand.
Robusta Coffee Reaches 16-Year High Amid Supply Concerns
Robusta coffee prices have surged to their highest level in 16 years, increasing by 1.65% at the close of trading on January 15. Rising tensions in the Red Sea continue to raise concerns about contract defaults and short-term supply shortages in the market.
Global coffee traders are worried that escalating tensions in the Red Sea will increase shipping costs for coffee from Asian countries to the US and Europe and lengthen delivery times. This could lead farmers in major producing countries like Vietnam to limit their coffee sales. Consequently, pre-committed orders may not be fulfilled on time, leading to a shortfall in global supply in the short term.
On the domestic market, coffee prices in the Central Highlands and Southern provinces increased by 600 VND/kg this morning (January 16). Accordingly, domestic coffee prices are being purchased around 70,600 - 71,300 VND/kg.
Other Commodity Updates
White sugar prices rose by 1.29% in the last session, supported by crude oil prices. Higher oil prices have encouraged Brazilian sugar mills to prioritize cane for ethanol extraction, a biofuel that can replace oil. Therefore, input materials for sugar production may be constrained as the current crushing season nears its end.
After seven consecutive sessions of increases, crude palm oil prices adjusted down by nearly 1% in the last session. Concerns about weak demand in major palm oil importing countries like China and India overshadowed less favorable supply data from leading producers Indonesia and Malaysia.
Source: MXV
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