Red covers the world commodity market

The Vietnam Commodity Exchange (MXV) said that at the close, the MXV-Index decreased by more than 0.7% to 2,196 points - extending the decline into the second session.

Energy commodity markets weaken. Source: MXV

World oil prices suddenly plunged nearly 3%, falling to their lowest level in more than two weeks, as the market came under pressure from growing concerns about the risk of a global supply glut.

Brent crude oil prices stopped at $63.98/barrel, down 2.85%. Meanwhile, WTI crude oil prices also lost 2.63%, down to $60.42/barrel. Both commodities are at their lowest prices since March 10.

The oil market is still clearly affected by speculation surrounding the possibility that OPEC+ will strongly increase production in June.

Investors are also preparing for a series of US economic data to be released this week, such as inflation index, non-farm payroll report, first quarter gross domestic product (GDP), etc. After this information is released, commodity prices in general and energy prices in particular will continue to fluctuate strongly.

The metal commodity market has mixed increases and decreases. Source: MXV

In the metal market, green and red colors intertwined. Silver prices reversed to increase 0.77% to 33.58 USD/ounce, while platinum decreased 0.97% to 985.5 USD/ounce.

Notably, the US is expected to issue an executive order to reduce the impact of auto import tariffs. Accordingly, auto manufacturers will enjoy tax credits of up to 15% of the value of vehicles assembled in the US.

The credit can be deducted from the value of imported components, giving companies more time to restructure their supply chains and boost domestic production. Silver’s dual role as a precious metal and an industrial raw material has benefited from the strengthening of manufacturing, which has supported silver prices.

For the base metals group, COMEX copper prices continued to decrease by 0.35%, falling back to $10,742/ton. Meanwhile, iron ore prices fluctuated slightly, continuing to trade around $97.45/ton.

Source: https://hanoimoi.vn/sac-do-bao-trum-len-thi-truong-hang-hoa-the-gioi-700876.html