Silver breaks the $70/ounce mark, MXV-Index surges above 2,400 points.

The Vietnam Commodity Exchange (MXV) announced that after three consecutive sessions of sharp increases, the price of silver has surpassed the $70/ounce mark – setting an all-time high.

Similarly, wheat prices also returned to the high of $190/ton. Overwhelming buying pressure in the commodities market pushed the MXV-Index up by more than 1.5%, closing at 2,409 points.

Silver prices set a new record high.

Closing yesterday's trading session, the metals group continued to see overwhelming buying pressure, with 7 out of 10 commodities experiencing price increases. Notably, the prices of both precious metals surged to all-time highs. Silver, in particular, surpassed the $70/ounce mark for the first time, rising 3.8% to close at $71.1/ounce. This also marked the third consecutive day of gains for silver prices.

According to MXV, the surge in silver prices reflects the synergy of several supporting factors, from macroeconomic developments and investment flows to physical supply and demand.

Firstly, the weakening US dollar continues to facilitate the upward trend in silver prices. Yesterday, the Dollar Index (DXY) fell for the second consecutive session, dropping to 97.9 points, thereby increasing the attractiveness of USD-denominated assets to investors holding other currencies.

This development comes as the market increasingly expects the US Federal Reserve (FED) to have more room to ease monetary policy next year, given the slowing labor market and lower-than-expected inflation.

Besides monetary factors, geopolitical risks also contribute to strengthening defensive sentiment in financial markets. Recent tensions between the US and Venezuela have continued to escalate as President Donald Trump adopts a tough stance, increasing instability in Latin America. This development has spurred capital flows towards safe-haven assets, including silver.

In terms of supply and demand, the demand for physical silver continues to play a crucial role in supporting the upward trend of world silver prices. According to LSEG, as of December 23rd, the world's largest silver ETF, iShares Silver Trust, increased its silver holdings to 530.6 million ounces (over 16,500 tons), a 4.4% increase compared to the beginning of December. This move raises concerns about a tightening of physical silver supply in the global market, especially as the metal is projected to enter its fifth consecutive year of deficit.

In terms of position structure, investment flows remain positive. The Commitment of Transactions (COT) report from the US Commodity Futures Trading Commission (CFTC) shows that, for the week ending December 16th, the Managed Money group, including funds and investment institutions, continued to maintain a net long position in standard silver contracts on the COMEX exchange, with a volume of 21,887 contracts. This reflects the confidence of investment funds in the upward trend of silver in the medium term, even though the market may experience short-term technical corrections.

Domestically, due to its dependence on imported supplies, silver prices closely follow global trends and increased by approximately 1% compared to the previous session. On the morning of December 24th, the price of 999 silver in Hanoi was listed at 2.265 - 2.295 million VND/ounce (buying price - selling price). In Ho Chi Minh City, the price was 2.267 - 2.3 million VND/ounce.

Concerns about tensions in the Black Sea region are driving up wheat prices.

Meanwhile, the agricultural commodities market also witnessed strong buying interest as most key commodities in the group saw price increases. Specifically, Chicago spring wheat futures for March 2026 on the CBOT exchange approached $190 per ton, recording an increase of nearly 0.3%. In addition, Kansas winter wheat prices also rose by nearly 1.3%, climbing to $194 per ton.

MXV reports that escalating tensions in the Black Sea region surrounding the Russia-Ukraine conflict continue to dominate the global wheat market.

Accordingly, attacks on infrastructure on both sides have threatened the security of strategic export routes for both Russia and Ukraine, and affected one of the world's largest grain supplies.

Meanwhile, the latest forecasts on supply from Russia have helped to alleviate some of the earlier concerns among investors about the risk of global oversupply in 2026. Consulting firm SovEcon predicts that the area under wheat cultivation in Russia will continue to decline due to shrinking profit margins since the implementation of export taxes in 2021.

According to SovEcon, Russian farmers planted 16.1 million hectares of winter wheat this year, down 1 million hectares from last year and down 1.7 million hectares from the peak in 2021. The total area planted with wheat in 2026 is expected to decrease by 600,000 hectares to 26.3 million hectares, leading to a forecast of next year's Russian wheat production below 84 million tons.

This figure is lower than the 88.8 million tons recorded this year, as well as the 90 million tons forecast for 2026 previously given by the Russian government, partly due to expectations of a slight decrease in crop yields. This information helps to offset some of the earlier forecasts of a sharp increase in supply from Argentina and Australia.

Source: https://baotintuc.vn/thi-truong-tien-te/bac-pha-moc-70-usdounce-mxvindex-but-len-tren-2400-diem-20251224083940134.htm