World oil prices fell by more than 2%.

According to the Vietnam Commodity Exchange (MXV), world commodity prices fell sharply in the first trading session of the week (November 11).

At closing, the MXV-Index fell 0.92% to 2,157 points. Notably, in the metals market, all 10 commodities saw price declines, with silver falling nearly 3%. In addition, the energy market experienced a sharp drop in both WTI and Brent crude oil prices.

MXV-Index

Precious metal prices continue to lose momentum.

The metals market started the new week with a predominantly red trend. For precious metals, silver and platinum continued their downward trend from the end of last week, falling by 2.66% and 0.92% respectively. At the close of trading, silver fell to $30.61 per ounce, and platinum dropped to $969.5 per ounce.

Metal Price List

The strong US dollar continued to put pressure on precious metal prices in yesterday's trading session. The Dollar Index, a measure of the strength of the US dollar against six other major currencies, closed up 0.52% at 105.54 points, its highest level in over four months. The US dollar continued to rise as the market remained optimistic about Donald Trump's victory in the White House race.

Furthermore, concerns about the possibility of the US Federal Reserve (FED) delaying its monetary easing cycle have also contributed to the rise in the USD exchange rate in recent sessions. Experts believe that Trump's tariff and trade policies could push inflation in the US higher. This could pose significant challenges for the FED as they have not yet fully won the battle to cool inflation. The CME FedWatch interest rate tracking tool shows that traders are currently betting on a 65% chance that the FED will cut interest rates by 25 basis points at the December meeting, down from the 80% probability before Trump's victory.

For base metals, COMEX copper and iron ore prices both fell by more than 1%, closing at $9,322/tonne and $100.66/tonne respectively. Prices for both commodities were under pressure yesterday as investors expressed disappointment with economic data from China, the leading metal consumer.

Specifically, according to data released by the National Bureau of Statistics at the end of the week, China's consumer price index (CPI) rose 0.3% year-on-year in October, 0.1 percentage point lower than forecasts and the previous month's figures. In addition, the producer price index (PPI) continued its sharp decline, falling 2.9% in October, marking the 25th consecutive month of decline. This figure was significantly higher than the market forecast of a 2.5% drop and the 2.8% drop in the previous month. It was also the sharpest decline since November last year.

These data suggest that deflationary fears continue to plague the Chinese economy, raising concerns that the country may not achieve its growth target of around 5% this year. This also worsens the outlook for consumption of metals that are inputs for manufacturing, such as copper and iron ore, thereby putting pressure on prices.

World oil prices fell by more than 2%.

According to MXV, oil prices plunged 2% in yesterday's trading session amid disappointment among investors regarding China's stimulus package in its search for demand growth. In addition, forecasts of potentially increased supply in 2025 put further pressure on the prices of both oil commodities.

At the close of trading on November 11, WTI crude oil prices fell 3.32% to $68.04 per barrel. Meanwhile, Brent crude oil prices fell 2.76%, reaching $71.83 per barrel.

Energy Price List

To date, the situation regarding oil consumption in China – the world's largest oil importer – shows no signs of improvement. According to data from the National Bureau of Statistics of China (NBS), the consumer price index (CPI) in October rose 0.3% year-on-year, slowing from the 0.4% increase in September, marking the slowest increase since June this year.

Furthermore, data from China's General Administration of Customs (GACC) shows that the country's oil imports in October reached only 10.53 million barrels per day, down 9% year-on-year in 2023 and 2% lower than in September. To revive the slowing economy, Beijing announced a fiscal stimulus package worth 10 trillion yuan (approximately $1.4 trillion) last weekend. However, instead of focusing on the real estate sector or boosting consumption as the market expected, this package aims to address outstanding debt at local governments. The market has been significantly disappointed by the scale and focus of this fiscal stimulus package, further prolonging concerns about the outlook for oil demand.

Furthermore, Trump's victory in the White House race boosted the US dollar, helping the US dollar index (DXY) rise 0.52% to $105.54 in trading on November 11. The high value of the greenback makes oil more expensive for importers using other currencies, raising concerns about declining oil demand and putting further pressure on global oil prices.

On the supply side, newly elected US President Donald Trump has emphasized his support for expanding oil and gas production in the US, raising concerns about future oversupply. In addition, Bank of America forecasts that oil supply growth from non-OPEC countries will reach 1.4 million barrels per day in 2025 and 900,000 barrels per day in 2026. The bank also predicts that global oil inventories will increase, even if OPEC+ does not increase production. These data have further reinforced market expectations of oversupply and weakened world oil prices.

Prices of some other goods

Industrial raw material price list

Agricultural product price list

Source: https://congthuong.vn/thi-truong-hang-hoa-hom-nay-12112024-gia-dau-the-gioi-giam-hon-2-358262.html