Strong buying pressure on many key commodities helped the MXV-Index rise 1.72% to 2,390 points, its highest level since the beginning of February 2023.
Price list for industrial raw materials at MXV on May 28th. Source: MXV
All nine industrial raw material items recorded sharp increases of 1.3%. In particular, coffee prices surged by 5.8%. Arabica coffee prices exceeded $5,091 per ton, the highest in the past five weeks; at the same time, Robusta coffee prices reached a one-month high of $4,120 per ton.
MXV stated that shrinking supply in major producing countries is creating concerns about coffee shortages in the market, thereby supporting a price rebound.
In its latest report, the Brazilian government 's Crop Supply Agency CONAB lowered its forecast for the country's Robusta coffee production by 600,000 bags, to 16.7 million bags. Similarly, StoneX estimates that Vietnam's coffee production could reach only 24 million bags, the lowest level in four years, primarily due to climate change.
On the domestic market, as of the morning of May 28th, the price of bulk green coffee beans in the Central Highlands and Southern provinces simultaneously increased by 500 VND/kg, bringing the domestic coffee purchase price to 115,700 – 117,200 VND/kg.
Following the same trend, cotton prices rose by another 2%, reaching a one-month high. Cocoa prices increased by nearly 4% as supply remained low.
Metal trading price list at MXV on May 28th. Source: MXV
At the close of trading on May 28th, green dominated the metal price chart, with 9 out of 10 commodities rising in price. Silver and platinum, in particular, saw strong gains as macroeconomic pressures eased, recording increases of 5.37% and 2.72% respectively, closing at $32.13/ounce and $1,066.8/ounce.
For base metals, COMEX copper prices rose 2.14% due to optimistic consumption prospects.
Conversely, iron ore was the only commodity in the group to decline, falling 1.27% to $117.79 per ton, its lowest level in a week. This commodity experienced significant volatility during the trading session.
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