Commodity market 9/5: Buying power dominates the market

In the energy market, at the end of the trading session on May 8, Brent oil price increased sharply by 2.81% to 62.84 USD/barrel, while WTI oil also recorded an impressive increase of 3.17%, closing at 59.91 USD/barrel. These are the highest closing prices of the two oil products since the beginning of May 2025.

News that the UK has reached a trade agreement with the US after Mr Trump announced a comprehensive reciprocal tax policy has created optimism in the crude oil market. According to the agreement, the US will maintain a 10% tariff on imports from the UK, while the UK will reduce import tariffs from 5.1% to 1.8% and commit to expanding market access for US goods, especially in the fields of agriculture, automobiles, steel and aluminum. This is considered an important step forward, strengthening economic relations between the two traditional allies, while creating a positive psychological effect on international financial and commodity markets.

The agreement also provided optimism for investors as the market turned its attention to the US-China trade talks scheduled to take place in Switzerland on May 10. US Treasury Secretary Scott Bessent confirmed that he would directly attend this important round of negotiations without the presence of President Trump's Senior Advisor, Peter Navarro. Meanwhile, China has also confirmed that it will send a high-level delegation to participate, opening up hope for the possibility of easing trade tensions between the world's two largest economies.

Source: MXV

In addition, the US labor market continued to send positive signals when both initial jobless claims and continued jobless claims in the work week ending May 3 fell, more strongly than the market expected; thereby further strengthening investors' optimism.

The political situation also created momentum for the price increase when yesterday the US government continued to tighten sanctions related to Iranian crude oil. Accordingly, the US Treasury Department has just added a refinery and three port operators in China to the sanctions list for their involvement in oil import transactions from Iran, increasing pressure on Tehran ahead of the fourth round of negotiations between the US and Iran scheduled to be held in Muscat, Oman this weekend.

Regarding the agricultural products group , according to MXV, soybean prices closed yesterday's trading session with an increase of 0.55% to 383.9 USD/ton, ending a series of three consecutive sessions of decline thanks to a series of positive supporting factors, especially the recovery of soybean oil prices and positive export information. Notably, the ratio of soybean prices to new crop corn continued to expand, reaching a six-month high of 2.34%, showing that the trend of prioritizing soybean cultivation is returning in the short term.

The key driver behind the rally in soybean products, especially soybean oil, came from a strong recovery in energy markets and traction from Malaysian palm oil prices.

Source: MXV

On the export side, soybean sales continue to remain positive according to the Weekly Export Sales report. Specifically, soybean sales for the 2024-2025 crop year reached 377,000 tons, while the new crop year recorded nearly 10,000 tons. Despite no new orders from China, total sales remain stable in the current context. Cumulative sales for the 2024-2025 crop year have reached 47.72 million tons, equivalent to 96% of the USDA target. Notably, in the Daily Export Sales report, USDA announced that an additional 225,000 tons of new crop soybeans were sold to Pakistan, contributing to supporting market sentiment.

Regarding trade policy, the market expects the upcoming US-China summit to bring positive progress, especially after President Donald Trump's statement that the negotiations "could be substantive" and if favorable, current tariffs will be considered for adjustment. In addition, the US and UK's announcement of details of a new trade agreement also expands market access for US goods, including agricultural products, thereby further strengthening the prospects for soybean exports in the coming time.

Source: https://baodaknong.vn/thi-truong-hang-hoa-9-5-luc-mua-ap-dao-tren-thi-truong-251982.html