Commodity Markets: Coffee Prices Soar, Crude Oil Plunges More Than 7%

According to the Vietnam Commodity Exchange (MXV), the world raw material market showed clear differentiation in the first trading session of the week.

Closing, overwhelming selling pressure pulled the MXV-Index down more than 1.2% to 2,260 points.

Buying power dominates the market of industrial raw materials. Source: MXV

Closing yesterday's trading session, the industrial materials group attracted the market's attention when recording overwhelming buying power on most key commodities.

Of which, Arabica coffee price recorded an increase of more than 3.6%, returning to 7,199 USD/ton, Robusta coffee price also recovered more than 4.4% to 3,904 USD/ton.

The main reason supporting the prices of the two commodities above mainly comes from concerns about the weather situation in Brazil.

Energy commodity market in red. Source: MXV

The energy market rally was halted as concerns about global oil supply disruptions temporarily subsided, MXV noted.

At the end of the trading session, red covered the energy market with both crude oil products falling by 7.2%.

WTI oil prices once again fell below the $70/barrel threshold, specifically stopping at $68.51/barrel; while Brent oil prices also returned to $71.48/barrel, recording the sharpest drop since August 2022.

Although in the early hours of the trading session, oil prices were under strong pressure due to the US's unexpected military intervention in the Israel-Iran conflict.

But subsequent developments in the Israel-Iran conflict have eased concerns about the risk of disruption to oil supplies from the Persian Gulf region as well as the possibility of further escalation of tensions.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-gia-ca-phe-tang-vot-dau-tho-lao-doc-hon-7-706565.html