The MXV-Index fell to its lowest level since the beginning of March.

(Chinhphu.vn) - The Vietnam Commodity Exchange (MXV) reported that the global commodity market reacted strongly after US President Donald Trump announced retaliatory tariffs. Prices were dominated by red, with overwhelming selling pressure pushing the MXV-Index down 3% to 2,261 points. After only one session hovering above 2,300 points, this event has pushed the commodity price index to its lowest level since the beginning of March.

World crude oil prices plummeted by nearly 7%.

According to MXV, pressure weighed heavily on the energy market yesterday, with four out of five commodities experiencing sharp declines. Oil prices plummeted after President Trump announced retaliatory tariffs on over 180 countries and territories. Furthermore, the OPEC+ May oil production plan further exacerbated the situation, causing crude oil prices to slide sharply during yesterday's trading session.

At the close of trading, Brent and WTI crude oil prices fell by 6.42% and 6.64% respectively, to $70.14 per barrel and $66.95 per barrel. This was the deepest drop in Brent crude oil prices since August 1, 2022, and for WTI crude oil prices since July 11, 2022.

The entire metals market was in the red yesterday, amid concerns about global economic growth and weakening metal consumption prospects.

In the precious metals market, silver prices plummeted 7.73% to $31.97 per ounce. Meanwhile, platinum also fell sharply by 3.62%, dropping to $942.5 per ounce.

The decision to impose retaliatory tariffs globally has shaken precious metals markets as investors worry that escalating trade tensions could lead to supply chain disruptions and higher production costs, reducing demand.

Meanwhile, the majority of demand for silver and platinum comes from the industrial sector. Specifically, about 60% of silver demand is used in industries such as electrical and electronic equipment and welding alloys; while nearly 70% of platinum demand comes from the automotive and high-tech industries. If the global economy weakens, the consumption outlook for these two metals will be negatively impacted, putting further downward pressure on prices.

The base metals group was also not immune to the sharp decline. COMEX copper prices fell sharply by 4.21%, to $10,645 per ton, while iron ore extended its decline by another 0.94%, closing at $101.84 per ton.

Higher-than-expected retaliatory tariffs have eroded global growth expectations, putting significant pressure on copper consumption prospects. According to forecasts from Citigroup, copper prices could fall by another 8-10% in the coming weeks. Notably, although copper is not currently subject to retaliatory tariffs, Washington is investigating the possibility of imposing its own tariffs.

In other news, the Indian government has just issued a policy prioritizing the use of domestically produced steel in public tenders to protect the steel industry from a wave of cheap imports. As the world's second-largest consumer of iron ore, this move by India could increase global steel supply. With cheap steel from China flooding the market, India's policy is likely to exacerbate the oversupply situation and put downward pressure on input materials such as iron ore.

Source: https://baochinhphu.vn/mxv-index-roi-xuong-muc-thap-nhat-ke-tu-dau-thang-3-102250404093821476.htm