Silver price jumped 3.34% to $35.81/ounce

According to the Vietnam Commodity Exchange (MXV), green covered all four commodity groups in the world raw material market in yesterday's trading session. At the close, the MXV-Index increased by nearly 1% to 2,216 points. Notably, in the metal market, the prices of two precious metals, silver and platinum, increased sharply. In addition, the energy market also recorded positive signals after the latest moves in global trade relations.

Giá bạc bật tăng 3,34% lên mức 35,81 USD/ounce

MXV-Index

Precious metal prices rise sharply

Yesterday's trading session witnessed a strong increase in the precious metals group while the prices of base metals were mixed. At the end of the trading session on June 5, the price of silver increased by 3.34% to 35.81 USD/ounce. Meanwhile, the price of platinum also extended its increase by 4.27%, reaching 1,136.5 USD/ounce, marking the 4th consecutive increase.

Metal price list

Employment figures released last night suggested the US labor market may be cooling as the impact of tariffs is still being assessed. According to the latest report from ADP, the private sector added just 37,000 jobs in May, much lower than the expectation of 110,000 jobs and down significantly from the 60,000 jobs in April. In addition, data from the Institute for Supply Management (ISM) showed that the non-manufacturing purchasing managers index (PMI) fell to 49.9 points in May, the first time it has fallen below the 50-point threshold since June 2024 and lower than April's 51.6 points. This shows that US manufacturing activity is showing signs of slowing, and production expansion is also slowing. This information has raised concerns about the health of the US economy , thereby increasing investment in safe-haven assets such as silver.

Employment and labor data are always one of the focus points of the US market, because they bring important signals about growth and the Fed's interest rate outlook. Currently, investors are also waiting for the May non -farm payroll report - the leading employment data of US officials, to further strengthen the forecasts about the Fed's interest rate outlook in the coming time.

In the base metals market, copper prices on the COMEX floor increased by 1.09% to 10,772.88 USD/ton, while iron ore prices also increased by 1.23% to 95.46 USD/ton.

In the copper market, concerns about Washington tightening tariffs on imported copper continued to be the main factor that caused buying power to dominate yesterday's trading session. The market believes that with the current high dependence on imported supplies, the US may face the risk of a local shortage of copper supply if these tariffs are applied.

Copper prices were also supported by a positive demand outlook in China, with the average operating rate of the entire wire and cable industry in May reaching 81.4%, up 13.5 percentage points year-on-year. Large enterprises maintained high capacity utilization at 87.2%.

Meanwhile, iron ore prices were boosted by expectations that the US steel industry would increase domestic production to benefit from high tariffs on imported steel. With only about 25% of current steel demand coming from imports, the US steel industry is expected to promptly boost production to offset the supply shortage, thereby increasing demand for iron ore and supporting prices for this commodity.

Oil prices return to upward trend

According to MXV, at the end of yesterday's trading session, buying power dominated most key commodities in the energy group. In particular, oil prices recovered their upward momentum thanks to new positive information in global trade relations, contributing to strengthening the optimistic sentiment in the market.

Closing, Brent oil price returned to the threshold of 65 USD/barrel, stopping at 65.34 USD/barrel, corresponding to an increase of 0.74%. WTI oil price also recorded an increase of 0.83%, reaching 63.37 USD/barrel.

Energy price list

US oil demand has been questioned recently following the release of US gasoline inventory data. However, a positive US PMI released by S&P Global has helped ease some of those concerns.

Meanwhile, information on the US labor market showed that the number of applications for unemployment benefits increased, but there was still a bright spot when the US trade deficit in April decreased sharply from more than 138 billion USD (March) to 61.6 billion USD, contributing to strengthening confidence in the economic outlook.

Currently, the oil price increase is still restrained by supply factors, especially the strong increase in production by OPEC+ in July. In addition, Saudi Arabia - the world's largest oil exporter - has reduced the price of crude oil for July delivery to Asian customers to a near two-month low, creating further downward pressure on the global oil market.

Prices of some other goods