Commodity markets: Oil, coffee prices weaken

The world raw material market continues to fluctuate, with coffee prices under great pressure and crude oil prices returning to a weakening trend.

The Vietnam Commodity Exchange (MXV) said that at the end of yesterday's trading session (May 7), overwhelming selling pressure pushed the MXV-Index to 2,160 points, down 19 points compared to the previous day.

Energy commodity markets weaken. Source: MXV

Red almost covered the entire energy market when 4/5 commodities simultaneously decreased in price after a previous recovery session, amid concerns about consumption demand in the US and new developments in US-Iran relations showing signs of cooling down.

Closing, Brent oil price dropped to 61.12 USD/barrel, down 1.66%. Similarly, WTI oil price lost 1.73%, down to 58.07 USD/barrel.

Notably, the US Federal Reserve (FED) has decided to keep interest rates at a relatively high level of 4.5% to curb inflation. This not only supports the strength of the greenback but also restrains the increase in economic activities and even economic growth, thereby putting pressure on oil prices.

The market for industrial raw materials is "bright red". Source: MXV

Meanwhile, the prices of two coffee products have weakened simultaneously. Specifically, the price of Arabica coffee for July contract on the New York floor decreased by 1.47% to 8,467 USD/ton, while the price of Robusta coffee for July contract on the London floor continued to decrease by 0.32% to 5,239 USD/ton.

In its latest report, Brazil raised its 2025-2026 coffee production forecast to 55.67 million tonnes, up 2.7% from last year and nearly 7.5% higher than its January forecast.

Another notable development in the raw material market was cotton prices falling slightly by 0.66% to $1,485/ton.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-gia-dau-ca-phe-suy-yeu-701563.html