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With the Rise of Commodities – Oil, Iron Ore, Soybeans and More, Companies Like Petrobras and Vale Are Becoming Increasingly Valued
In the first week of the year, shares and prices of various types of commodities such as oil, coffee, soybeans, iron ore among others, are rising in the market. In the early trading sessions of this year, the Ibovespa was boosted by rising shares of the mining company Vale and Petrobras, which hold the largest share of the index.
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The Brazilian oil company has seen a 7% increase in its shares, while the mining company rose 9% during the week. This is due to the increase in the prices of raw materials traded in the global market.
Iron Ore
The price of iron ore, a raw material that boosted the performance of Vale and several steel mills, has accumulated a significant increase of 74% in 2020, but there are still no signs that it will begin to stabilize. The high demand from China is a key factor in this recovery.
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The country was the first to participate in the post-pandemic recovery process, which is primarily based on steel production, used in construction and infrastructure.
Oil
The good news for Petrobras is that OPEC has decided to limit oil supply in the next two months, which will pressure commodity prices. The direct result was that the price of Brent crude oil futures traded in London surged and was used as a reference by state-owned companies. The contract reached its highest level since February 2020.
Brent oil rose by US$ 0.76, or 1.47%, to US$ 52.56 per barrel, at 8:11 AM (Brasília time). US oil increased by US$ 0.47, or 0.97%, to US$ 48.99 per barrel.
The crisis caused by the pandemic led governments and central banks around the world to implement expansionary fiscal and monetary policies, respectively. The result is that commodities reflect globally, meaning prices rise after a sharp decline.
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