Overwhelming buying power pulls MXV-Index close to 2,400 points

Green continues to cover the world raw material market, coffee and crude oil prices increase sharply.

At the end of the session, the MXV-Index increased by nearly 0.2% to 2,382 points, reflecting dominant buying power on many key commodities.

Coffee prices recover strongly. Source: MXV

According to the Vietnam Commodity Exchange (MXV), the industrial raw material market witnessed red covering most of the commodities in the group. In particular, two coffee commodities recorded positive developments when going against the downward trend of the whole group.

Arabica prices jumped more than 2.1% to $8,388 a tonne on concerns about supply shortages from Brazil. Robusta coffee also rose nearly 0.5% to $4,232 a tonne amid concerns about global supply, especially in Vietnam – the world’s largest Robusta exporter.

However, in the domestic market on December 4, the price of finished coffee products decreased slightly due to increased new supply; the price of R2 is currently around 104,000-104,500 VND/kg.

Oil prices continue to recover amid expectations that the Fed will cut interest rates. Source: MXV

In the energy group, oil prices continued to recover when WTI increased by more than 1.2% to 59.6 USD/barrel; Brent oil increased by more than 0.8% to 63.2 USD/barrel.

The optimism was fueled by weak US employment data, which raised expectations that the Federal Reserve would soon cut interest rates. The US dollar, which has fallen for 10 consecutive sessions, also contributed to supporting oil prices thanks to cheaper buying costs.

Meanwhile, OPEC output in November decreased slightly, while OPEC+ increased by only 40,000 barrels/day, lower than market expectations.

However, rising US crude inventories and signs of slowing seasonal demand continued to limit oil price gains.

Source: https://hanoimoi.vn/luc-mua-ap-dao-keo-chi-so-mxv-index-sat-2-400-diem-725717.html