Energy and agricultural products dragged the MXV-Index down.

The global commodities market closed the last trading week of May in the red as selling pressure dominated across many product groups. The sharp decline in the energy market, along with the negative performance of some agricultural products, dragged the MXV-Index down 2.8%, to 2,820 points.

According to the Vietnam Commodity Exchange (MXV), the energy sector was the focus of the market's price decline last week as positive signals from the Middle East continued to emerge, easing concerns about the risk of global supply disruptions. World oil prices plummeted sharply from the beginning of the week.

At the close of trading, WTI crude oil prices fell nearly 9.6% from the previous week, to $87.36 per barrel. Meanwhile, Brent crude oil prices lost as much as 11.1%, closing at $92.05 per barrel. Both commodities fell to their lowest price levels since mid-April.

Besides geopolitical factors, the prospect of increased supply from the US is also putting additional pressure on the market.

In the domestic market, the cooling trend in world oil prices has been quickly reflected in retail prices. During the price adjustment on May 28th, the Ministry of Industry and Trade and the Ministry of Finance simultaneously reduced prices for gasoline and diesel. Notably, RON95-III gasoline decreased by nearly 1,400 VND/liter, equivalent to about 5.5%, while E5RON92 gasoline and diesel also decreased by around 1,100 VND/liter.

The agricultural commodities group also recorded several negative developments last week, most notably corn. At the end of the week, the price of July corn futures on the CBOT fell 3.6%, to around $176 per ton.

According to MXV, downward price pressure stems from a combination of factors, including the downturn in the energy market, favorable planting progress in the US, and the prospect of abundant supply from South America.

Source: https://hanoimoi.vn/nang-luong-nong-san-keo-mxv-index-giam-diem-976532.html