Green color spreads in raw material market

Green returned and spread across the world's raw material market, with oil prices recovering and approaching the $70/barrel mark.

According to the Vietnam Commodity Exchange (MXV), at closing, the MXV-Index inched up 0.3% to 2,227 points.

Green covers the energy commodity market. Source: MXV

At the end of yesterday's session, green covered most items in the energy group.

Of which, WTI oil price recorded an increase of up to 1.75%, stopping at 67.54 USD/barrel, Brent oil price also approached the threshold of 70 USD/barrel, climbing to 69.52 USD/barrel, corresponding to an increase of about 1.46%.

The main reason for the sharp increase in oil prices is concerns about supply disruptions in Iraq - the country with the second largest crude oil production in the OPEC group.

Regional tensions continue to escalate following a series of Israeli airstrikes targeting the Syrian capital Damascus in recent days.

The situation in the Gaza Strip as well as the risk of unsafe navigation in the Red Sea increase the risk pressure on international trade flows.

Buying power dominates the metal commodity market. Source: MXV

In the metal market, buying power was overwhelming with 8/10 items in the group increasing in price.

Of which, platinum price continued to increase by 2.6% to 1,472 USD/ounce, the highest level in more than 11 years.

The global platinum market continues to face a serious supply-demand imbalance, with the deficit expected to extend into the third consecutive year, a key factor supporting the price of this precious metal in recent times.

Meanwhile, according to the World Platinum Investment Council (WPIC), demand for platinum jewelry in China this year is forecast to increase by 15% to 474,000 ounces.

In fact, platinum jewelry production in this market in the first quarter jumped 26% compared to the same period last year.

On the supply side, total platinum production in 2025 is expected to fall by 4% to around 7 million ounces, its lowest level in the past five years, due to falling mine output in key producing regions.

Source: https://hanoimoi.vn/sac-xanh-lan-toa-tren-thi-truong-hang-hoa-nguyen-lieu-709458.html