The global commodities market closed in the red on June 9th as selling pressure spread across many commodity groups. At closing, the MXV-Index fell 1.7% to 2,716 points.
However, cash flow on the Vietnam Commodity Exchange (MXV) remains high and shows clear differentiation. While silver continues to attract the most investor interest, accounting for nearly 30% of the total market trading value, cash flow is also showing signs of returning to agricultural products, especially corn, after a prolonged period of sharp decline.
MXV-Index. Source: MXV
Silver remains a focal point of investor trading.
Yesterday's trading session (June 9th) saw overwhelming selling pressure across the entire metals market, especially in the precious metals group. Despite this, silver remained the most liquid commodity on the MXV, accounting for 28% of the total market trading value.
According to MXV, the appeal of silver continues to be maintained due to its high volatility amidst conflicting market information regarding interest rates, inflation, and geopolitical tensions. This has made silver one of the most sought-after commodities by investors recently.
At the close of trading, Comex silver prices fell nearly 5%, to $65.24 per ounce, their lowest level in over six months and marking the third consecutive day of declines.
According to MXV, market sentiment was strongly impacted after tensions in the Middle East unexpectedly escalated again. Tough statements from the US regarding incidents in the Strait of Hormuz increased concerns that energy prices could remain high for a longer period, thereby prolonging inflationary pressure globally.
Comex benchmark silver futures contract price. Source: MXV
Against this backdrop, expectations are rising that central banks will continue to maintain tight monetary policies. The yield on 10-year US Treasury bonds continues to fluctuate around 4.5%, while US employment data released last weekend showed the labor market remains positive. This further pushes back expectations that the Fed will soon cut interest rates.
The high interest rate environment continues to be unfavorable for silver – a non-yielding asset. Since the end of February, the amount of physical silver held by global ETFs has decreased by more than 1,000 tonnes, or 3.8%, to approximately 27,738 tonnes.
The amount of physical silver held by global silver ETFs. Source: MXV
However, developments in the derivatives market suggest that investor sentiment is not entirely pessimistic regarding this commodity. According to the Commitment of Traders (COT) report, in the week ending June 2nd, the net long position of Managed Money in Comex silver increased to 10,444 contracts, ending a two-week streak of declines. This reflects the tug-of-war between pressure from a high interest rate environment and long-term expectations for industrial silver demand.
Regarding the outlook for the silver market, Mr. Nguyen Thang Long, Director of Strategy at VMEX Commodity Trading JSC - Trading Member 011 of MXV, believes that in the short term, silver prices will continue to be pressured by high government bond yields and signals of slowing demand in the electronics sector in some major consumer markets. Investors also need to monitor the net selling trend of gold by central banks, as this development could create psychological pressure spreading to other precious metals such as silver. In addition, the possibility of the Bank of Japan raising interest rates is also a noteworthy factor, as increased capital costs could trigger selling pressure across many asset classes. In the short term, the market's focus will be on the monetary policy meeting of the US Federal Reserve (Fed) on June 16th.
Domestically, the price of 999 gold investment bars lagged behind international trends. At the end of June 9th, the price of silver was still up about 1%, fluctuating between 2.589 and 2.677 million VND/ounce. However, on the morning of June 10th, the price adjusted sharply downwards to 2.448 - 2.571 million VND/ounce, representing a decrease of about 4% in the selling price.
Notably, effective June 9th, MXV adjusted the initial margin requirements for silver contracts listed on the Comex exchange downwards. Specifically, the standard silver contract (SIE) was reduced from $41,605 to $37,919, contributing to improved liquidity and making it easier for investors to participate in the market.
Money is flowing back into the corn market.
In the agricultural sector, corn was one of the commodities that attracted investor attention in the recent trading session after a prolonged period of sharp decline.
According to MXV's trading system, the trading value of grains increased significantly compared to the end of last week. This indicates that investors are beginning to reassess factors that could impact global supply, particularly weather developments in South America and US export demand.
At the close of trading yesterday, the price of the nearest corn futures contract on the CBOT edged up slightly to $165.15 per ton, ending a prolonged losing streak.
MXV believes that continued export demand remains a key supporting factor for the market. The U.S. Department of Agriculture (USDA) recently announced an export order of 120,000 tons of old-crop corn to an unnamed country for the 2025-2026 crop year. Simultaneously, customs data shows that U.S. corn exports in April reached approximately 7.52 million tons, bringing cumulative shipments from the beginning of the crop year to nearly 56.9 million tons, a 24% increase year-on-year and far exceeding the growth rate previously forecast by the USDA.
Annual US corn exports. Source: MXV
Besides demand, the market is also closely monitoring weather developments in South America. In Brazil, the Safrinha (second crop) corn-producing regions are forecast to experience prolonged rainfall next week. While the additional moisture may support crops in some areas, heavy rain also risks impacting harvesting progress in the final stages of the season.
Meanwhile, in the US, planting progress has reached approximately 97% of the planned area, slightly exceeding the five-year average. However, rains in some key producing states are still being closely monitored by the market as they could affect the remaining late-planted areas.
According to an MXV trading member, recent weather developments in South America and US export activity are making the corn market more sensitive to global supply information. After a period of pressure due to favorable crop prospects in the US, investors are now closely monitoring factors that could alter supply and demand expectations in the coming period. However, current information is not enough to completely change the fundamental market picture; therefore, future price movements will continue to depend on import demand as well as actual weather conditions in key production areas.
Vietnam's corn imports. Source: MXV
In the domestic market, corn imports continue to maintain strong growth to meet the needs of animal feed and aquaculture production. According to data from the Customs Department, in the first five months of 2026, the country imported 5.28 million tons of corn with a value of over 1.32 billion USD, an increase of 32.8% in volume and 28.1% in value compared to the same period last year.
In May alone, corn imports reached nearly 840,000 tons. Against the backdrop of a 3.6% decrease in average import prices compared to the same period last year, domestic businesses are stepping up purchases to optimize input costs and secure raw materials for the remaining months of the year.
Source: https://congthuong.vn/gia-bac-cham-day-giam-gan-5-460681.html
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