Commodity markets rise after news of US delaying tariffs

The Vietnam Commodity Exchange (MXV) said that at closing, the MXV-Index increased by more than 1.5% to 2,124 points.

Energy commodity market recovers strongly. Source: MXV

Notably, oil prices recovered strongly and escaped the four-year low after US President Donald Trump announced the postponement of the previously announced reciprocal tariffs.

According to MXV, the energy price index recorded an impressive increase of more than 3% during the trading session.

Of which, Brent oil price reached 65.48 USD/barrel, corresponding to an increase of 4.23%; while WTI oil price rose above 60 USD/barrel, recording an increase of 4.65% and stopped at 62.35 USD/barrel.

In a statement issued from the White House, US President Donald Trump announced a 90-day suspension of reciprocal tariffs against more than 75 countries to facilitate trade negotiations.

However, the basic 10% tariff remains in place on most goods imported into the US. This announcement has helped stabilize many markets, especially energy markets, after recent sharp fluctuations.

However, trade tensions between the US and China show no signs of abating.

Agricultural commodity market covered in green. Source: MXV

The US's postponement of reciprocal tariffs with more than 75 countries has also boosted the growth of most agricultural products.

In particular, the soybean market continued to record the third consecutive price increase with an increase of about 2% to 372 USD/ton, marking the strongest increase in the past two and a half months.

Soybean products such as soybean meal and soybean oil also rose sharply. Soybean oil prices also rose sharply due to the recovery in the energy market and information about the proposed US biodiesel blending level of 5.25 billion gallons – 64% higher than the current level. Soymeal prices also rose slightly due to concerns about export disruptions in Argentina.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-khoi-sac-sau-tin-my-hoan-ap-thue-698469.html