Optimistic sentiment helps commodity markets thrive

Index rose to above 2,200 points. Source: MXV

The industrial raw material market recorded positive developments when 9 out of 10 commodities increased in price. Of which, world sugar prices increased sharply on both major exchanges. Sugar price 11 on the ICE US exchange increased by 2.94% to 401 USD/ton, while sugar price on the ICE EU exchange also increased by 2.99% to 509.8 USD/ton.

In the coffee market, the prices of two coffee products recovered simultaneously. Arabica coffee prices increased by 0.91% to 8,297 USD/ton, while Robusta coffee prices increased by 1.52% to 5,129 USD/ton. According to the latest report from the Brazilian Coffee Export Council (Cecafé), in the first four months of the year, coffee exports decreased by 15.5% compared to the same period last year, but the turnover reached a record high of 5.23 billion USD.

Most industrial raw materials increased in price on May 13. Source: MXV.

In the energy market, optimism continued to prevail after the interim trade agreement between the US and China. This supported a sharp increase in world oil prices yesterday.

World oil prices increased sharply on May 13. Source: MXV.

At the end of the trading session, Brent oil price stopped at 66.63 USD/barrel, up 2.57%. Similarly, WTI oil price also recorded an increase of up to 2.78%, up to 63.67 USD/barrel. These are the two highest price levels of these two commodities since the end of April.

Oil prices were also boosted by the US imposing new sanctions on Iranian crude oil, just days after the fourth round of talks between the US and Iran over the nuclear program took place on Sunday (May 11).

Source: https://hanoimoi.vn/tam-ly-lac-quan-giup-thi-truong-hang-hoa-khoi-sac-702173.html