Commodity closes the week with reasonable prices and leaves the Market in a positive atmosphere. On Friday, the U.S. benchmark West Texas Intermediate (WTI) crude oil fell 33 cents to close at $63.13 per barrel. In comparison, North Sea Brent crude for delivery in June fell 17 cents to $66.77 per barrel.
Due to this, WTI crude oil rose by about 6.3% a week, and Brent crude oil rose by 5.8%. The International Energy Agency and OPEC’s increasing demand for the second half of 2021 boosted the prices.
U.S. crude oil inventories fell by 5.9 million barrels, or 1.2%, to 492.4 million barrels. In comparison, the Market expected a reduction of 2.1 million barrels.
According to China National Petroleum Corporation, China’s net crude oil imports in 2021 are likely to increase by 3.4% year-on-year to approximately 559 million tons.
Besides, last week the U.S. dollar had relatively weak results, which also helped to strengthen oil prices.
The price of gold for June delivery on the New York Mercantile Exchange rose by $13.40 to $1,780.20 per ounce; Silver for May delivery rose 15 cents to $26.11 an ounce, and copper for delivery in May fell 5 cents to $4.1680 per pound.
Despite the sharp drop last Friday, gold rose 1.9% this week, silver rose 2.8%, and copper rose nearly 3%.
On Friday, the price of 62% fine iron powder that arrived in northern China closed at US$178.43 per ton, an increase of US$4.89 or 2.8% from last week.
Optimism Rises in The Iranian Commodity Exchange
There is significant optimism in the Iranian market as well. In the past Iranian calendar week, the Iranian Commodity Exchange (IME) traded 18,000 tons of commodities worth 435 million U.S. dollars. It is a 7% growth compared to last week, over the trading value and volume.
The commodities traded in both the IME’s public auctions and minerals and industrial trading zones were 602,142 tons. Its value is more than $221 million.
On these two floors, IME sold:
- 290,762 tons of steel
- 2,540 tons of copper
- 8,520 tons of aluminum
- 120 tons of molybdenum concentrate
- 200 tons of cast iron
- 300,000 tons of iron ore.
The market traded 415,336 tons of commodities in domestic and export mines on its oil and petrochemical trading floor. These are the traded commodities on this floor:
- 124,500 tons of vacuum bottoms.
- 142,964 tons of asphalt.
- 74,529 tons of polymers.
- 38,105 tons of chemicals.
- 33,200 tons of lubricant reduction.
- 2,592 tons of base oil.
- 150 tons of argon.
- 250 tons of insulating materials and 1,190 tons of sulfur.
IME is one of the four primary stock markets of Iran. The other markets are the Tehran Stock Exchange (TSE), the Iranian over-the-counter (OTC) market, and the Iranian Energy Exchange (IRENEX).