MXV-Index reaches its highest level since mid-March.

The global commodities market continues to experience significant volatility, with clear divergence in trends across different product groups.

Strong buying pressure in the energy sector led the overall market rally, pushing the MXV-Index up 1.28% to 2,850 points – its highest level since mid-March.

Concerns about supply from the Middle East are driving oil prices up sharply. Source: MXV

According to the Vietnam Commodity Exchange (MXV), the energy sector was the focus, with the price index soaring 6.57% to 4,632 points. Notably, crude oil prices recorded a very strong increase amid concerns about a resurgence of supply in the Middle East.

At the close of trading, WTI crude oil prices rose more than 11.4% to $111.54 per barrel – the highest level since June 2022. Brent crude oil also surpassed the $109 per barrel mark. Notably, this is the first time in almost a year that WTI crude oil prices closed higher than Brent crude oil prices, reflecting the unusual volatility of the market.

Red dominated the metals market. Source: MXV

Conversely, the metals market came under downward pressure as the US dollar recovered. At the close of trading, 9 out of 10 metal commodities declined, with COMEX silver futures for May delivery falling more than 4% to $72.92 per ounce, ending a previous rally.

The decline in metals was mainly due to the Dollar Index rising nearly 0.4%, returning above the 100-point mark, making USD-denominated commodities less attractive. At the same time, expectations of persistently high interest rates continued to put pressure on investment flows.

In addition, the trend of capital withdrawal from ETFs is also contributing to increased selling pressure.

On the domestic market, price movements quickly reflect international trends. On the morning of April 3rd, the prices of silver products in Vietnam ended their three-day winning streak and reversed sharply downwards.

Raw 999 silver in Hanoi and Ho Chi Minh City has fallen to 2.34 - 2.375 million VND/ounce (buying price - selling price). Investment-grade 999 silver products are also listed in the range of 2.742 - 2.844 million VND/ounce.

In addition, on April 1st, the Vietnam Commodity Exchange adjusted the initial margin requirements for several silver products listed on the COMEX exchange (USA). Specifically, the COMEX standard silver futures contract saw its initial margin requirement raised from $54,595 to $57,511.

Source: https://hanoimoi.vn/mxv-index-len-muc-cao-nhat-tu-giua-thang-3-742881.html