Silver prices surge, wheat under significant pressure.

The flow of money in the commodity market continues to shift sharply, creating a clear differentiation between different product groups.

The MXV-Index rose more than 1.4%, to 2,530 points, driven by overwhelming buying in the metals sector, while agricultural products continued to face pressure from the prospect of abundant global supply.

All 10 metal commodities saw price increases. Source: MXV

At the close of trading, all 10 metal commodities ended in positive territory. COMEX silver prices rose nearly 7% to $82.23 per ounce, marking their strongest gain in weeks. Year-to-date, silver prices have increased by approximately 16%, demonstrating the continued appeal of this precious metal amidst macroeconomic uncertainty.

According to the Vietnam Commodity Exchange (MXV), the rise in silver prices was mainly supported by the weakening of the US dollar and expectations that the US Federal Reserve (Fed) would soon ease monetary policy. The Dollar Index fell for the second consecutive session, dropping to 96.88 points, making USD-denominated commodities more attractive to international investors.

The domestic market is moving in sync with the global market , with silver prices in Vietnam on the morning of February 10th recording an increase of over 2% compared to the previous session. Specifically, 999 pure silver in Hanoi and Ho Chi Minh City fluctuated between 2.574 and 2.609 million VND/ounce (buying price - selling price). In addition, the price of silver bars for investment and storage also rose to 2.964 - 3.056 million VND/ounce.

6 out of 7 items in the agricultural product group saw price decreases. Source: MXV

In contrast to the bullish momentum in the metals sector, the agricultural commodities market faced widespread selling pressure yesterday, with 6 out of 7 commodities closing in the red. Specifically, Chicago March wheat futures fell slightly to $194.2/ton, while Kansas wheat declined to $194.28/ton. According to MXV, the supply-demand balance is heavily skewed towards oversupply. The FAO has raised its forecast for global wheat production to 834.7 million tons.

Meanwhile, although US wheat exports have improved, demand is not strong enough to offset the pressure from cheaper Black Sea supplies.

Source: https://hanoimoi.vn/gia-bac-tang-manh-lua-mi-chiu-suc-ep-lon-733017.html