Green dominates the global commodity price charts.

Twenty-one out of 31 commodities saw price increases, pushing the MXV-Index up 0.74% to 2,161 points. Notably, prices of several industrial raw materials such as cocoa, sugar, and RSS3 rubber surged by 2-5%. Meanwhile, most metal commodities received relatively strong buying interest. At the close of trading, the total trading value on the exchange exceeded 7,400 billion VND.

Industrial raw materials are driving the upward price trend in the market.

At the close of trading on March 11, sugar prices rose 3.78% as the market reacted strongly to the poor crop outlook in Brazil. Consulting firm Datagro forecasts sugar production for the 2024/25 crop year in the South-Central region, Brazil's main sugar-producing area, down 4.8% year-on-year to 40.45 million tons. Below-average rainfall has raised concerns about further tightening sugar supply in the coming period.

Industrial raw material price list

Cocoa prices also continued to set new records, surging 5.19% to $6,728 per ton in yesterday's trading session. The International Cocoa Organization (ICCO), in its latest quarterly report, stated that the global cocoa deficit for the 2023/24 crop year (October 2023 - September 2024) will reach 374,000 tons. The main reasons are pest infestations and the aging of cocoa plantations currently being harvested in the world's two largest cocoa-producing countries, Ivory Coast and Ghana. ICCO forecasts that global cocoa stocks at the end of the 2023/24 crop year will fall to 1.395 million tons, equivalent to 29.2% of the total cocoa grinding volume, the lowest level in 45 years.

Cocoa prices also continued to set new records, soaring 5.19% to $6,728 per ton.

Market sentiment, influenced by adverse weather reports in Thailand and strong global demand for rubber, pushed RSS3 rubber prices to $2,180 per ton, up 2.04% from the previous day and the highest level since the end of December 2023.

Palm oil prices rose 0.62% from the benchmark as demand gradually recovered. AmSpec Agri Malaysia estimates that Malaysia's palm oil exports in the first 10 days of March increased 6.2% year-on-year.

Metals are receiving quite positive buying interest.

According to MXV, at the close of trading on March 11th, most commodities in the metals group continued to receive relatively positive buying pressure, except for the more than 6% drop in iron ore prices. Precious metals continued to receive buying interest after a strong surge last week. Silver prices rose slightly by 0.68% to $25.71 per ounce. Platinum surged with a 2.81% increase to $940.5 per ounce, its highest level since the end of January.

Two precious metals benefited from buying interest as their safe-haven role was boosted ahead of the release of US inflation data. Investors limited risky assets, leading to a decline in the stock market with all three major Wall Street indexes falling. Earlier last week, US stocks had also fallen after the US non-farm payrolls report failed to change expectations that the Federal Reserve would begin cutting interest rates in June.

Metal price list

Last week, comments from Fed Chairman Jerome Powell and policymakers at the European Central Bank (ECB) also boosted expectations that interest rate cuts would begin this summer. Expectations of at least a 25 basis point cut at the June meeting are now above 70%. This benefited silver and platinum prices as the opportunity cost of holding decreased, thereby boosting buying interest in the market at the start of the week.

For base metals, most commodities also saw price increases amid expectations that the Fed is preparing to begin interest rate cuts from the second half of this year. Additionally, concerns about tightening supply in the market significantly supported the price of the COMEX dollar. At the close of trading, the COMEX dollar rose 0.95% to $3.92 per pound.

According to data released by the Chilean Copper Board (Cochilco), Codelco – the world's leading copper producer – saw its output drop by nearly 16% year-on-year to 107,000 tonnes in January. The state-owned mining company is struggling to extract copper as expansion projects aimed at compensating for declining ore quality have been hampered by delays and high costs.

In addition, copper inventories on the LME system have fallen by more than 30% to 110,850 tonnes since the end of December, also contributing to price support.

Prices of some other goods

Energy price list

Agricultural product price list

Source: https://congthuong.vn/thi-truong-hang-hoa-hom-nay-ngay-123-sac-xanh-ap-dao-tren-bang-gia-hang-hoa-nguyen-lieu-the-gioi-308117.html