World commodity prices continue to fluctuate

Notably, the energy MXV-Index recorded the sharpest decline, leading the overall market trend. Oil prices plunged immediately after the IEA lowered its growth forecast and said the market would return to surplus next year. In the same trend, red almost covered the metal market yesterday. Closing, the MXV-Index fell 1.45% to 2,173 points.

MXV-Index

World oil prices plummet after IEA lowers growth forecast

At the end of the trading session on October 15, world oil prices continued to fall sharply. Specifically, WTI crude oil lost 4.4%, to 70.58 USD/barrel. Meanwhile, Brent oil also fell more than 4%, to 74.25 USD/barrel. The International Energy Agency (IEA) lowered its growth forecast and predicted that the market would return to a surplus next year, putting great pressure on oil prices.

Energy price list

In its October Energy Market Report, the IEA said global oil demand growth in 2024 would be just 862,000 barrels per day (bpd) due to slowing consumption in China. That was down from the 903,000 bpd it estimated in September. The agency now expects Chinese demand to grow by 150,000 bpd in 2024, down 30,000 bpd from its previous forecast. Consumption fell by 500,000 bpd in August compared to the same month last year, marking the fourth consecutive monthly decline.

Meanwhile, oil supply from non-OPEC producers is growing strongly and is expected to reach 1.5 million barrels per day this year and next, with increases coming mostly from the United States, Brazil, Guyana and Canada. With strong supply growth amid slowing demand, the IEA said the market is returning to a significant surplus by 2025.

Despite concerns about supply disruptions from the Middle East, energy flows have remained stable so far. In addition, the IEA affirmed its readiness to act if a supply shock occurs, a statement from the IEA that almost immediately pushed oil prices down sharply.

In addition, Russian oil exports hit a three-month high as refineries entered maintenance season. Seaborne crude shipments from OPEC+ members rose to an average of 3.33 million barrels per day over the past four weeks. In addition, Israel said it was only targeting Iranian military facilities, significantly reducing the risk of disruption to energy supplies from the Middle Eastern country.

Precious metals market fluctuates

According to MXV, at the end of yesterday's session, 8 out of 10 items on the metal price list decreased in price. For precious metals, silver prices recovered by increasing by 1.41% to 31.75 USD/ounce. On the contrary, platinum prices reversed and decreased after three consecutive sessions of increase. At the end of the session, platinum prices decreased by 0.75% compared to the reference price to 996.6 USD/ounce, mainly due to profit-taking selling pressure from investors.

Metal price list

Precious metal prices have been fluctuating recently due to uncertainties in the global macroeconomic picture. The US Federal Reserve’s (FED) interest rate outlook remains unclear as current economic data is giving mixed signals. Meanwhile, the US dollar is hovering around a two-month high, further pressuring precious metal prices as investment costs become more expensive.

However, concerns about rising geopolitical tensions, which are boosting demand for safe-haven metals, are still supporting prices. Moreover, silver prices were supported yesterday after a survey at the LBMA Conference in Miami showed that silver prices are expected to rise to $45 an ounce in the next year, up from the current range of $31-$32 an ounce.

For base metals, most of the group recorded a decline of around 1%. Prices of commodities continued to fall as investors were disappointed that the Chinese government did not announce any specific economic stimulus measures at a press conference on Monday (October 15).

As for iron ore, an important input material in steel production, prices of this commodity are also under pressure due to the less optimistic outlook of the steel industry. The World Steel Association (WorldSteel) recently lowered its forecast for global steel demand growth to 0.9% this year, reaching 1.75 billion tons, slowing down from the April estimate of 1.7% growth, due to weak consumption while global production activities are struggling with many challenges. This is also the third consecutive year of slowing global steel demand growth.

In China, the world's largest steel producer and consumer, steel consumption is expected to fall 3% this year and another 1% next year, as the property sector plunges into crisis, reducing steel demand.

Prices of some other goods

Agricultural product price list

Industrial raw material price list

Source: https://congthuong.vn/thi-truong-hang-hoa-hom-nay-ngay-16102024-gia-hang-hoa-nguyen-lieu-the-gioi-tiep-tuc-bien-dong-352752.html