The Vietnam Commodity Exchange said that at the end of yesterday's trading session (July 10), the world's raw material market recorded a clear differentiation. While pressure surrounding US tariff policies weighed on energy prices, concerns about supply shortages boosted buying power in the metal market.
In the energy market, according to MXV, red dominated the energy market in yesterday's trading session as concerns surrounding the White House's tariff policies remained. In particular, the prices of both crude oil products fell by more than 2%. Specifically, Brent oil prices fell below the $70/barrel threshold, stopping at $68.64/barrel, corresponding to a decrease of 2.21%. Meanwhile, WTI oil prices fell by 2.65%, falling to $66.57/barrel.
The latest concerns in the international market are still focused on the growing tensions in trade relations between the US and Brazil, the largest economy in Latin America. In a recent move, Brazilian President Luiz Inacio Lula da Silva expressed his desire for dialogue, affirming his readiness to sit at the negotiating table with the US to resolve current disagreements.
However, Mr. Lula also warned that Brazil would take appropriate countermeasures if the US government officially imposes new tariffs that are expected to take effect from August 1. Brazil is currently one of the world's largest agricultural exporters, with many key products such as coffee, beef, sugar and raw materials for ethanol production.
In the current context, the US Government continues to announce new tariff measures applicable to imports from many countries, including the Philippines and Iraq, as well as many specific items such as pharmaceuticals and semiconductor materials. This move not only increases pressure on the global supply chain but also makes the international market more cautious about the risk of escalating trade tensions.
The current situation also makes the prospect of the US Federal Reserve (FED) cutting its base interest rate soon increasingly remote. According to the minutes of the latest meeting just released by the FED on July 9, most officials agreed that the current high interest rate, fluctuating between 4.25-4.5%, is necessary to protect the economy from the risk of inflation returning, in exchange for the possibility of narrowing economic activities in the US and reducing energy demand in the world's largest economy.
In addition, oil prices continue to be under pressure from the possibility of increased supply from the OPEC+ group. After the decision on the production increase in August was made; new information appeared in the market about the possibility of OPEC+ increasing production in September by up to 550,000 barrels/day, raising concerns about the prospect of a global supply surplus.
The metal market yesterday saw prices of 9 out of 10 commodities rise simultaneously. Of which, iron ore prices jumped 3% to $99/ton, marking the third consecutive increase, amid growing concerns over a short-term local supply shortage.
In recent trading sessions, iron ore prices have shown a recovery trend as the market is concerned about the risk of short-term supply disruptions. The cause comes from the complicated stormy weather situation in China, especially the impact of typhoon Danas. According to Chinese television, typhoon Danas is forecast to cause heavy rain and put important ports in Fuzhou and Xiamen cities on flash flood warning, potentially affecting the transportation of iron ore for steel production in the country in the near future.
Meanwhile, according to data from commodity analysts LSEG and Kpler, China's iron ore import demand in June was estimated at 110 million tonnes, the highest level since the beginning of the year and up sharply by 13% compared to 97.4 million tonnes in the same period last year.
A combination of adverse weather conditions and strong demand for iron ore imports has provided short-term support for iron ore prices. However, the medium-term outlook for the commodity remains largely dependent on the speed of recovery in the real estate market and economic stimulus measures from Beijing. In addition, medium-term iron ore prices still face many risks, especially from policy factors and the domestic steel demand base.
Source: https://baolamdong.vn/thi-truong-hang-hoa-11-7-giang-co-truoc-ap-luc-thue-quan-381949.html
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