Silver prices reversed and fell 1.27% to $33.22 an ounce.

The Vietnam Commodity Exchange (MXV) said the world raw material market was deep in red after yesterday's trading session. At the close, the MXV-Index fell 0.92% to 2,197 points. Leading the decline was the industrial raw material group with 8 out of 9 items falling in price, of which after only one session of recovery, two sugar items returned to a weakening trend. In the metal market, precious metal prices also fell.

Giá bạc đảo chiều giảm 1,27% xuống còn 33,22 USD/ounce

MXV-Index

Sugar prices plunge nearly 2%

At the close of trading yesterday, May 22, the industrial raw material market saw red covering 8 out of 9 items in the group. Of which, the price of sugar 11 decreased by 1.69% to 383.6 USD/ton, while the price of white sugar also lost 1.93% to 488 USD/ton. According to MXV, sugar prices have remained low in recent times mainly due to concerns about excess supply in the international market.

Industrial raw material price list

According to the US Department of Agriculture (USDA), global sugar production in the 2025-2026 crop year is expected to reach 189.3 million tons, up 4.73% from the previous crop year, while demand will increase by only 1.4% to 177.9 million tons. Thus, the market is estimated to have a surplus of up to 11.4 million tons, after a surplus of 5.3 million tons in 2024-2025.

In Brazil, many mills are closely monitoring sugar and ethanol prices to balance production. If sugar prices continue to fall, mills in the country may shift to producing more biofuels to optimize profits, as most mills in Brazil have the flexibility to adjust their production lines to produce more or less sugar and ethanol, depending on the market price of both products.

If sugar prices fall below $374.8 a tonne, Brazil's production structure is likely to change, said the head of Sugar & Ethanol at brokerage StoneX.

On the weather front, recent dry conditions in central-south Brazil are expected to facilitate the sugarcane harvest after a slow start in April. Meanwhile, in India, the monsoon is forecast to arrive about a week earlier than usual, supporting a better sugarcane crop in the country.

Meanwhile, demand is showing a clear weakening. According to data from the US government 's tariff and trade, imports of sugar and sugar products in the US in the first 3 months of the year fell sharply to 1.03 million tons, down 18% compared to the same period last year. For liquid imports, in the first 3 months of the year, the import volume also decreased by 14.6% compared to the same period last year to 166.4 million liters.

Precious metals turn to weaken, ore prices under great pressure from China

According to MXV, the metal market did not escape the general trend when witnessing red covering most of the prices of key commodities. At the end of the trading session, the price of silver reversed and decreased by 1.27% to 33.22 USD/ounce while the price of platinum also decreased by 0.34%, falling back to 1,080 USD/ounce.

Metal price list

Precious metals prices came under pressure as the US dollar index recovered from three sessions of decline, rising 0.4% to 99.96 points. US Treasury yields, despite a slight correction during the session, were still up about 50 basis points since the beginning of May, thereby strengthening the attractiveness of the USD. A stronger greenback makes USD-denominated commodities such as precious metals more expensive for international investors, reducing demand and putting pressure on prices.

On the other hand, the decline of precious metals was somewhat limited thanks to the continued demand for safe havens. On May 22, the US House of Representatives passed President Donald Trump's new tax bill, which is expected to add another $3.8-4.5 trillion to the US's public debt, which has already exceeded $36 trillion. This development has raised concerns about fiscal risks in the world's largest economy, especially in the context that Moody's has just downgraded the US's public debt rating due to concerns about persistent budget deficits and rising public debt.

For the base metals group, COMEX copper prices continued to increase slightly by 0.16% to 10,316 USD/ton. In contrast, iron ore prices turned down by 0.63% to 98.25 USD/ton.

Copper prices were supported yesterday by concerns about a severe supply shortage this year. Trading group Mercuria forecast a global shortage of up to 700,000 tonnes of copper concentrate and 300,000 tonnes of copper cathode, amid strong demand in China and a surge in US buying. Mercuria estimated that the US could import an additional 500,000 tonnes of copper in the second quarter alone, largely due to concerns that Washington will expand import tariffs, skewing trade flows and acting as a catalyst to support copper prices.

Meanwhile, iron ore prices have been under pressure due to a less optimistic consumption outlook in China. According to the National Bureau of Statistics (NBS), total investment in the real estate sector in the first four months of the year was only 2.773 trillion yuan (about 385 billion USD), down 10.3% compared to the same period last year. The slowdown in the construction industry - the largest consumer of iron ore - has reduced demand for steel raw materials such as iron ore.

Prices of some other goods