Red covers the world raw material market

household-goods-market-18.9.png — Red dominates the metal commodity market. *Source: MXV*

Overwhelming selling pressure in the metal market caused prices of 8 out of 10 commodities to decrease. COMEX copper prices in particular extended their decline to the third consecutive session, closing at 10,142 USD/ton, down 0.6%.

According to MXV, the main reason for the pressure on copper prices is the continued strong recovery of the USD. Federal Reserve Chairman Jerome Powell has emphasized that the new interest rate cut is only for risk management purposes in the face of signs of weakness in the labor market, thereby reducing expectations for a rapid and strong interest rate cut cycle.

The greenback thus increased for the second consecutive session, up 0.49% to 97.35 points, becoming a direct factor pulling copper prices down.

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

Meanwhile, the industrial raw materials market also recorded a sharp decline when most key products in the group simultaneously closed in red.

The prices of two sugar products continued to decline for the third consecutive session. Specifically, the price of sugar 11 decreased by more than 1% to 339 USD/ton while the price of white sugar also lost nearly 1% to 454 USD/ton.

Regarding world sugar supply, crop output is assessed to have increased sharply compared to last year in India and Thailand, along with clear signs of improvement in Brazil.

In the domestic market, during the period from September 3 to 9, Vietnam's raw sugar imports skyrocketed to more than 15,500 tons, compared to only 500 tons in the same period last year.

Currently, imported sugar prices range from 17,100 - 17,500 VND/kg, sugar prices at the factory range from 17,300 - 18,050 VND/kg.

Source: https://hanoimoi.vn/sac-do-bao-trum-thi-truong-hang-hoa-nguyen-lieu-the-gioi-716562.html