According to the Vietnam Commodity Exchange (MXV), the MXV-Index closed yesterday's session up 0.13% at 2,228 points. Notably, crude oil prices at one point surged by as much as 2% amid escalating tensions in the Middle East.
According to MXV, the energy market saw overwhelming buying pressure yesterday, with all five commodities in the group experiencing price increases. Specifically, Brent crude closed up 0.56% at $66.39 per barrel; WTI crude also rose 0.59% to $62.63 per barrel.
Following the unexpected outbreak of tensions in the Middle East, world oil prices surged sharply – at one point exceeding 2%. However, the situation quickly calmed down, causing the gains in oil prices to narrow significantly towards the end of the trading session.
In addition, world oil prices also received support from expectations that the US Federal Reserve (FED) will decide to cut interest rates in September. This expectation was further strengthened after new, less-than-positive information emerged about the labor market of the world's largest economy .
Following the general market trend, the industrial raw materials group continued to maintain positive buying pressure on several key commodities. In particular, cocoa prices increased by more than 2.2%, reaching $7,395 per ton. According to MXV, tight supply is a supporting factor for cocoa prices.
According to cocoa supply figures from Ivory Coast, cocoa arrivals in the week ending September 7-9 totaled only 7,000 tons, down from 9,000 tons the previous week and 12,000 tons during the same period last year. Cumulative cocoa arrivals for the season reached 1.68 million tons, down 2.32% from 1.72 million tons during the same period last year, and the lowest level in at least six years.
Meanwhile, Ghana, the world's second-largest cocoa producer, is facing its weakest crop in more than two decades. Production for the 2024-2025 season is estimated at only around 530,000 tons due to the impact of disease and aging cocoa trees, which reduce harvesting efficiency.
Meanwhile, traders are closely watching the supply from the new crop. According to Reuters, cool and cloudy weather in August is causing pod rot in cocoa-growing regions. Coastal and southern areas are also experiencing a lack of sunshine for drying the newly harvested beans.
Source: https://hanoimoi.vn/gia-dau-tho-va-ca-cao-cung-bat-tang-715610.html
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