In the agricultural commodities market, soybean prices rose for the third consecutive session after nearly two weeks of sideways consolidation. Meanwhile, prices of most metals increased across the board amid easing tensions in US-China relations.
According to MXV, the agricultural market experienced its first recovery session after four consecutive days of weakness. Soybean prices extended their gains for the third consecutive session, rising 1.12% to $390 per ton. After nearly two weeks of sideways consolidation, the market received a new boost thanks to President Trump's statement that the US and China had held talks yesterday morning. Despite China's earlier denials, the US statement still fueled strong buying pressure in the market.
Soybean oil prices surged 3.5% to $1,103 per ton yesterday. This increase was supported by rising crude oil prices and concerns about Argentina's crop situation.
Metal prices rise across the board.
Prices of many metals rose across the board in yesterday's trading session amid easing tensions in US-China relations. At the close, silver reversed course and fell slightly by 0.13% to $33.5 per ounce. Meanwhile, platinum edged up 0.07% to $980.3 per ounce.
Amid strong protests from the automotive industry against US President Donald Trump's retaliatory tariffs, according to several foreign sources, Washington is considering a plan to exempt some high tariffs for automakers.
Recently, the American Automotive Industry Alliance petitioned President Trump to halt the 25% tariff on imported automotive components, arguing that its implementation would disrupt the supply chain, creating a domino effect leading to higher car prices, decreased sales at dealerships, difficulties for suppliers, and the risk of production shutdowns, layoffs, or bankruptcy, resulting in a complete halt to the production line. Currently, the automotive industry is still subject to a 25% tariff on steel and aluminum.
Following this announcement, market sentiment improved, particularly for platinum. To date, the automotive industry remains heavily reliant on platinum for catalytic converters, spark plugs, sensors, and other vehicle components.
In the base metals market, COMEX copper prices reversed course and rose 0.26%, reaching $10,705 per ton. On the other hand, iron ore prices fell 0.79%, retreating to $99.45 per ton.
According to experts at the CCIE-2025SMM Copper Industry Conference Forum, despite China's active efforts to promote the localization of technology to meet the growing demand from the new energy, aerospace, and industrial electronics sectors, the output of semi-finished copper in 2024 is expected to increase only slightly by 1.9% compared to 2023, reaching 21.3 million tons. This indicates that the current copper supply is still insufficient to meet the increasing demand in the world's largest consumer market, thus supporting the recent upward trend in copper prices.
Conversely, concerns about supply disruptions at the Antamina copper mine in Peru have been eased as mining operations there are gradually stabilizing, somewhat curbing the rise in copper prices on the global market.
Meanwhile, iron ore prices are under downward pressure as India has just imposed a temporary safeguard duty of 12% on certain imported steel products to prevent a flood of cheap steel into the domestic market. This is a trade protection measure aimed at supporting domestic steel producers against competitive pressure from low-priced imports, especially from China. India is not alone; many other countries are also considering and implementing similar protectionist measures to safeguard their domestic steel industries. This situation raises concerns about the risk of oversupply in the global steel market, which could drive down the price of raw materials such as iron ore.
Source: https://baochinhphu.vn/thi-truong-hang-hoa-khoi-sac-mxv-index-vuot-2200-diem-102250425101057355.htm
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