According to MXV, the market witnessed a widespread surge in metal prices during yesterday's trading session. Notably, in the base metals market, the price of COMEX copper continued its upward trend, rising by another 1.32% to an unprecedented record high of $11,487 per ton.
The COMEX dollar is one of the fastest-growing commodities in the metals market, rising by approximately 25-28% since the beginning of the year. It is currently trading at record highs amid concerns over US President Donald Trump's tariffs and further stimulus measures from China announced last week.
This industrial metal is becoming increasingly important as the demand for electrifying battery-powered vehicles rises, artificial intelligence (AI) is booming, and the global transition to renewable energy is accelerating.
Late last month, the US President signed an executive order requiring US Commerce Secretary Howard Lutnick to open an investigation into copper imports into the country. A White House announcement stated that the investigation would assess the level of national security threat posed by the country's increasing reliance on copper and related imported products. Immediately following this announcement, the price of COMEX copper surged to over $10,000 per ton.
Furthermore, Chinese retail sales data showed a 4% increase in the first two months of this year – the fastest pace since October last year. In addition, in February, both industrial production and fixed asset investment grew faster than expected. This significantly impacted market sentiment.
China is the world's largest supplier and consumer of copper and a key player in the global green energy transition. These moves by the US, coupled with positive economic data from China, have further fueled the upward trend in copper prices.
In the precious metals market, silver reversed course and surged 2.22% at the close of yesterday's trading session, reaching $34 per ounce. Meanwhile, platinum also rose 1.07% to $974.7 per ounce. Capital is shifting towards precious metals as investors worry that President Donald Trump's tough tariff policies could weaken economic growth prospects and increase inflation risks. The demand for safe-haven assets surged after the Bipartisan Policy Center (BPC) warned that the US could partially default on its $36.6 trillion debt between mid-July and early October if Congress does not quickly raise the debt ceiling.
At the close of yesterday's trading session, the agricultural market continued to be dominated by red. Soybean prices continued their downward trend, falling 0.55% to $368 per ton. According to MXV, trade tensions between the US and its major partners, particularly China, remain the primary influencing factor, while positive signals from the European market and concerns about supply from Brazil are not strong enough to reverse the trend.
Source: https://baochinhphu.vn/gia-dong-comex-len-muc-ky-luc-102250326092044069.htm
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