MXV-Index falls for the fourth consecutive session.

The global commodities market continues to be in the red as selling pressure persists across most key product groups.

At the close of trading, the MXV-Index fell sharply by 1.2%, dropping to 2,315 points, marking its fourth consecutive day of decline.

Energy-related commodities are all seeing price drops. Source: MXV

According to the Vietnam Commodity Exchange (MXV), energy prices fell across the board, reflecting the pessimistic sentiment of investors amid the prospect of prolonged oversupply. Specifically, crude oil prices both fell by more than 2.7%, dropping to $58.9 per barrel for Brent crude and $55.2 per barrel for WTI crude.

The downward pressure on oil prices stems from the convergence of several unfavorable factors, particularly the expectation of a significant increase in global supply in the medium and long term.

On the demand side, the latest data shows that China has significantly increased its oil imports, but much of it has been added to its reserves. This reflects that actual fuel consumption demand remains weak amid continued slowdowns in industrial production and retail sales.

The industrial raw materials market is almost entirely dominated by red. Source: MXV

Following the general trend, the industrial raw materials group also recorded overwhelming selling pressure.

Sugar prices continued their downward trend for the second consecutive session, with 11-grade sugar losing nearly 0.9% to $326 per ton, while white sugar fell 0.8% to $423 per ton.

According to MXV, the sugar market is under pressure from a sharp increase in production in India while demand in the US and Europe remains weak.

Furthermore, the sharp drop in crude oil prices has led to a decline in ethanol prices, reducing the incentive for biofuel production. This has prompted mills, particularly in Brazil, to shift to using sugarcane for sugar production, thereby increasing commercial supply and reinforcing the market's downward trend in the short term.

In the domestic market, factories in the Central Highlands and Southern Vietnam are offering new crop sugar at around 16,600 – 17,900 VND/kg. For sugar imported through unofficial channels, the Central Vietnam market is seeing a steady supply from Thailand, with prices remaining stable at around 16,200 – 16,500 VND/kg.

Source: https://hanoimoi.vn/mxv-index-giam-phien-thu-tu-lien-tiep-727136.html