Strong buying pressure returns to the global commodities market.

The market focused on metals, with 9 out of 10 commodities experiencing price increases. Conversely, agricultural products saw a volatile trading session, with corn prices falling slightly by 0.59% while wheat prices extended their gains for the fourth consecutive session. At closing, the MXV-Index rose 1.33% to 2,299 points.

MXV-Index

Precious metal prices rose despite better-than-expected CPI data.

Yesterday's trading session saw a rebound in the metals market after the previous day's sharp decline. Among precious metals, silver rose 1.86% to $31.24 per ounce, while platinum recovered nearly 2% to $976.2 per ounce, ending a four-session losing streak.

Metal price list

Yesterday, the metals market focused on the US Consumer Price Index (CPI) report for September. Specifically, according to data from the US Bureau of Labor Statistics, the core CPI in September rose 0.3% compared to the previous month and 3.3% compared to the same period last year. Both figures were 0.1 percentage points higher than forecasts, raising concerns that the Federal Reserve (FED) might pause interest rate cuts due to signs of rising inflation.

However, after the data was released, several Fed officials gave reassuring speeches to the market, raising expectations of a Fed interest rate cut. CME Group's FedWatch tool also showed that the market was betting 80% that the Fed would cut rates by 25 basis points at the November meeting, up from 76% before the data was released. Consequently, this optimistic sentiment also boosted buying of precious metals, supporting a simultaneous rise in silver and platinum prices yesterday.

For the base metals group, the most notable development was the LME zinc price, which surged more than 2% to $3,086.5 per ton, leading the group's gains. Increased concerns about supply shortages were the main driver behind yesterday's zinc price increase.

Specifically, in its supply and demand report published yesterday, the International Lead and Zinc Study Group (ILZSG) warned that the global zinc market will face a significant supply shortage this year, due to raw material scarcity forcing smelters to reduce refined metal production. The group revised its forecast to a zinc market deficit of 164,000 tonnes this year, in contrast to its previous April estimate of a surplus of 56,000 tonnes.

Regarding supply, mining output is expected to decline for the third consecutive year this year. ILZSG also stated that profit margins at zinc smelters in China, the country with the world's largest network of zinc smelters, are shrinking and refined zinc production there is declining at an accelerated rate.

The agricultural market is experiencing mixed trends.

According to MXV, the agricultural commodities market experienced a tug-of-war and divergence in yesterday's trading session. Notably, the price of December corn futures reversed course and fell by nearly 0.6%, completely erasing the gains from the previous session. The market is currently undergoing a correction and shows no signs of recovery.

Agricultural product price list

In its weekly Export Sales report, the U.S. Department of Agriculture (USDA) reported that U.S. corn sales for the 2024-2025 crop year totaled 22 million tons for the week ending October 3, down 27.4% from the previous week. Corn shipments for the reporting week reached 1.06 million tons, down nearly 10% from the previous week. This factor has put pressure on prices.

In addition, the weather during the harvest season in the US and the planting of the first corn crop in Brazil remains relatively favorable. The market is monitoring rainfall patterns in South America to assess the current crop situation. This also put pressure on the market yesterday.

In contrast to the corn market, wheat prices rose nearly 1%, marking the fourth consecutive session of positive gains. The market was supported by concerns about escalating tensions between Russia and Ukraine and persistent droughts in grain-producing regions around the world that could impact wheat supplies.

Ukrainian officials said a Russian missile attack targeted the Odesa region. The Ukrainian Deputy Prime Minister accused Russia of deliberately attacking Black Sea port infrastructure to reduce Ukraine's grain exports, thereby cutting global grain supplies.

Yesterday, the Rosario Grain Exchange (BCR) lowered its forecast for Argentina's 2024-2025 wheat production to 19.5 million tonnes, down from a previous estimate of 20.5 million tonnes. According to the BCR, many wheat fields did not receive sufficient water during a critical growth stage, leading to a potential decrease in yield.

Prices of some other goods

Industrial raw material price list

Energy price list

Source: https://congthuong.vn/thi-truong-hang-hoa-hom-nay-ngay-1110-luc-mua-manh-me-quay-lai-thi-truong-hang-hoa-nguyen-lieu-the-gioi-351665.html