Commodity market on fire before US imposes import tax

Last week, the world's raw material market experienced tense trading sessions as investors followed the progress of trade negotiations between the US and its partners.

In particular, the last two sessions of the week recorded strong pressure on many commodities after US President Donald Trump announced new tariffs, causing the MXV-Index to fall nearly 3% compared to last week, down to 2,160 points.

The metal commodity market was in the red last week. Source: MXV

According to the Vietnam Commodity Exchange (MXV), the metal market closed the trading week from July 28 to August 1 in deep red due to pressure from newly announced trade and monetary policies.

Notably, silver prices fell to $36.93/ounce, down 3.74%, also the sharpest weekly decline since late March.

The main reason is the strengthening of the US dollar (USD). Silver has an inverse relationship with the USD, so when the USD rises, silver is often under pressure to weaken.

In addition, high interest rates make dollar-denominated commodities such as silver less attractive to investors using other currencies, which could weaken demand and put downward pressure on silver prices this week.

Energy commodity market is on the rise. Source: MXV

Contrary to the general trend, US President Donald Trump's announcement of an agreement with the European Union (EU) has helped the energy market record positive signs.

Brent oil price stopped at 69.67 USD/barrel, corresponding to a weekly increase of nearly 3%, WTI oil price also recorded an increase of more than 3%, up to 67.3 USD/barrel.

In addition to the agreements reached with the EU, the positive trade negotiation situation between the US and China is also a major supporting factor for oil prices…

Another factor weighing on oil prices is OPEC+’s agreement to increase production by 547,000 barrels per day in September, completing the removal of all production cuts that were in place since 2023, totaling 2.2 million barrels per day. This move is expected to continue to put pressure on oil prices today.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-do-lua-truoc-thoi-diem-my-ap-thue-nhap-khau-711391.html