MXV-Index drops to 2,226 points

Cautious sentiment continues to dominate the global raw material market after the US unexpectedly imposed an additional 40% tax on Brazilian goods, raising the total tax rate to 50%.

According to the Vietnam Commodity Exchange (MXV), at closing time, widespread selling pressure pulled the MXV-Index down more than 0.4% to 2,226 points.

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

The industrial raw materials group recorded strong selling pressure with 6/9 items simultaneously closing in red. Notably, the coffee market had mixed developments after the US tariff announcements.

At the end of the session, Arabica coffee prices fell more than 1% to 6,468 USD/ton, while Robusta jumped nearly 2% to 3,411 USD/ton.

Currently, Brazilian coffee accounts for about 30–34% of the market share in the US market, the country with the highest coffee consumption rate in the world .

Selling pressure spread across the metal commodity market. Source: MXV

Not only coffee, selling pressure also spread to the entire metal market. At the end of the trading session on July 30, COMEX copper prices turned down 0.7% to 12,315 USD/ton.

Notably, in this session, COMEX copper prices recorded the largest one-day drop in history right after the US announced the scope of tariffs on imported copper.

Accordingly, the tax policy targets semi-finished copper products and derivative products containing high copper content.

Immediately after information about the scope of the tax was announced, copper prices on the market plummeted, at one point falling more than 18%.

In addition, copper prices are also under pressure from the US Federal Reserve (FED) keeping interest rates unchanged. High interest rates will continue to strengthen the US dollar, making dollar-priced commodities such as copper more expensive for investors using other currencies, which can reduce demand and put pressure on prices.

Source: https://hanoimoi.vn/mxv-index-giam-xuong-2-226-diem-710949.html