Market on December 1: Iron ore spiked due to the demand to buy reserves of steel mills, Oil prices fell 5%.

Oil prices just experienced another session of sharp declines after Moderna executives cast doubt on the effectiveness of the COVID-19 vaccine against the Omicron variant virus.

Moderna's general manager, Stephane Bancel, said that the vaccine's effectiveness against the Omicron variant may be difficult to reach the same level as that of the Delta variant. Mr. Bancel's comments have rattled financial markets amid fears the effects of the virus could prolong the pandemic.

Following those comments, Brent crude oil futures ended Nov. 30 down $2.87, or 3.9%, to $70.57 a barrel, in one session touching its lowest level since August is 70.22 USD.

West Texas Intermediate (WTI) crude oil prices ended this session also down 3.77 USD, or 5.4%, to 66.18 USD/barrel. During the session, at one point, the price lost as much as 7% and fell below the threshold of 65 USD, to only 64.43 USD, also the lowest level since August. After that, the price of oil inched up a little, on the following chart. WTI was at $66.74, after industry data showed US crude inventories fell less than a Reuters poll of 1.2 million barrels.

Stockpiles fell by 747,000 barrels of crude over the past week, according to market sources citing data from the American Petroleum Institute. The US government data will be released on Wednesday (December 1).

For the whole of November, Brent fell 16.4%, while WTI fell 20.8%, the biggest monthly drop since March 2020.

Iron ore soars due to the demand to buy reserves of steel mills

Iron ore prices on the Chinese market unexpectedly rose more than 6% in the past session on strong demand for reserves from Chinese steel companies, although analysts say that investment in real estate and infrastructure Weak infrastructure will reduce the country's consumption of steel products in the long term.

At the end of the session, the iron ore contract for January 2021 on the Dalian bourse increased by 2.4% to 610 CNY ($95.75)/ton. During the session, prices rose 6.4% to 633 yuan at one point.

Gold fell

Gold prices turned lower after investors heeded the Fed Chairman's seemingly "hawkish" comments, erasing all of the previous gain of more than 1% - fueled by concerns about the virus. Omicron bodies.

Accordingly, spot gold at the end of the session fell 0.7 percent to $1,773.21 an ounce, while December gold futures fell 0.5 percent to $1,776.5.

Earlier, at the beginning of this session, gold prices rose sharply, 1.3%, after the CEO of Moderna warned that the COVID-19 vaccine is likely to be less effective against the new variant virus.

In his address to the US Senate Banking Committee, Fed Chairman Jerome Powell said the Fed will likely discuss accelerating large-scale bond purchases at its next meeting. Mr. Powell's comments prompted a slight recovery in the USD.

Copper price falls to 2-week low

Copper prices fell to a two-week low on concerns about the effects on demand and economic growth caused by the virus from the Omicron variant and plans to tighten monetary policy aggressively in the US.

At the end of this session, the price of 3-month copper futures on the London floor fell 1.8% to $9,409 per tonne, in one session touching the lowest level since November 18, at $9,395.

"While there is still uncertainty about the severity of the new variant, the issue will still cast a shadow over the outlook for demand growth in the near future and complicate things," said ING analyst Wenyu Yao. more supply chain".

Prices of some key items in the morning of December 1:

 

 CafeF