Commodity market is in red again

Global commodity markets are in the red, COMEX copper prices are in free fall; cautious sentiment prevails in the energy market.

The Vietnam Commodity Exchange (MXV) said that at the end of the session, overwhelming selling pressure pushed the MXV-Index down nearly 2% to 2,185 points, the lowest level in nearly two months.

The metal commodity market is "red". Source: MXV

Selling pressure spread across most commodity groups, especially the metal group. All 10 major commodities of the metal group continued to sink in red.

The decline came as the US dollar continued to strengthen and investors cautiously assessed new signals on US tariff policy.

Notably, COMEX copper prices suddenly plunged more than 22%, falling to $4.35/pound (equivalent to $9,600/ton), marking the deepest drop in history.

The sharp decline has completely wiped out the spread between COMEX and LME copper, which had widened to 26% on Monday, July 28. COMEX copper is now at its lowest level since mid-April.

Energy commodity market is dominated by red. Source: MXV

After many sessions recording positive signals thanks to newly signed trade agreements, the energy market yesterday returned to a cautious state, when the US tariff policy was assessed to have a negative impact on global energy demand.

Prices of two major crude oil commodities also reflected this concern in yesterday's trading session with a decrease of about 1%.

Specifically, at the end of the session, WTI oil price once again returned below the threshold of 70 USD/barrel, stopping at 69.26 USD/barrel, corresponding to a decrease of 1.06%. Brent oil price also recorded a decrease of 0.97% yesterday, falling to 72.53 USD/barrel.

In another notable development, the US Energy Information Administration (EIA) said that commercial crude oil reserves increased by 7.7 million barrels, putting downward pressure on oil prices in the international market.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-lai-chim-trong-sac-do-711064.html