Silver prices are about to surpass $33 per ounce.

At the close of trading yesterday, silver prices rose another 1.9% to $32.89 per ounce, nearing their highest level since the end of October last year.

The Vietnam Commodity Exchange (MXV) reported that the global raw materials market experienced significant fluctuations during yesterday's trading session (March 11). Except for agricultural products, which saw a general decline in prices, the market was predominantly positive. At the close of trading, the MXV-Index rose 0.48% to 2,282 points.

MXV-Index

Silver prices are about to surpass $33 per ounce.

The metals market, particularly the precious metals sector, experienced significant volatility following yesterday's retaliatory tariff moves between the US and Canada. Meanwhile, improved demand prospects supported the prices of base metals.

At the close of trading, silver prices rose another 1.9% to $32.89 per ounce, nearing their highest level since the end of October last year. Meanwhile, platinum also recovered by 1.32%, reaching $979.6 per ounce.

Metal price list

In response to this development, a massive influx of capital poured into precious metals, as investors sought a safe haven amid escalating trade tensions.

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Silver prices are approaching $93 per ounce.At the close of trading, silver prices had risen by nearly 12.5% ​​over the past week, reaching $92.98 per ounce.

Soybean prices weaken.

However, the upward momentum of precious metals was hampered by positive signals from US labor market data. The JOLTs report showed that the number of job openings in January increased by 232,000 to 7.74 million, exceeding forecasts. This reinforced the Federal Reserve's cautious stance on interest rate cuts, putting pressure on the outlook for precious metals.

For base metals, COMEX copper prices rose 2.13% to $4.77 per pound (equivalent to $10,507 per ton). The gains were supported by a sharp drop in inventories. According to data from the London Metal Exchange (LME), the amount of copper available for trading fell to 136,300 tons, the lowest level since mid-June 2023. Analysts believe supply is being diverted to the US amid concerns that the Trump administration may impose additional tariffs on the metal, leading to potential domestic shortages.

Iron ore prices also rose 0.87% to nearly $100.8 per ton, escaping their lowest levels since mid-January. The main impetus came from expectations that steel mills in northern China would resume production after the National People's Congress session. Previously, these mills often temporarily shut down to reduce air pollution, so the restart of production is supporting iron ore prices.

Nevertheless, the increase in iron ore prices remains limited due to Beijing's steel production cuts. The tightening of US tariffs also makes the outlook for Chinese steel exports more difficult, thereby hindering the recovery of iron ore prices.

Agricultural commodity prices edged lower following the WASDE report.

At the close of yesterday's trading session, the agricultural market recorded negative developments, with 6 out of 7 commodities experiencing price declines. Soybean prices fell 0.27% to $371 per ton, extending their downward trend for the third consecutive session. The market reacted cautiously following the March WASDE report, which held few surprises.

Agricultural product price list

Prior to the report's release, soybean prices briefly edged higher but quickly reversed course. The main reason was that the US Department of Agriculture (USDA) maintained its forecast for US ending inventories for the 2024-2025 crop year at 10.34 million tons, while lowering its projected average price to $365.5 per ton from the previous $371.2 per ton, putting significant pressure on soybean prices.

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In addition, the USDA also increased global soybean crushing volume in the current crop year by 3 million tons, resulting in a decrease in global end-of-crop inventories to 121.41 million tons. However, this figure is still significantly higher than previous crop years (112.55 million tons in 2023-2024 and 101.24 million tons in 2022-2023), indicating that global supply remains abundant and insufficient to strongly support soybean prices.

Prices of some other goods

Industrial raw material price list

Energy price list

Source: https://congthuong.vn/thi-truong-hang-hoa-gia-bac-sap-vuot-nguong-33-usdounce-377836.html