Commodity Market: Overwhelming Selling Pressure

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

Closing, MXV-Index decreased more than 0.6% to 2,177 points. In which, the industrial raw materials market was deep in red when 8/9 items simultaneously decreased in price.

Sugar price for July 11 contracts decreased by 1.86% to 372.58 USD/ton, marking the 4th consecutive session of weakness and also the lowest level in nearly 4 months.

Besides, the price of white sugar contract for August also recorded a decrease of 2.32% to 471.4 USD/ton - the lowest level since January this year.

According to MXV, the surplus supply and demand continues to be the main cause of pressure on world sugar prices over the past long period.

A report by the US Department of Agriculture (USDA) on May 22 said that global sugar output in the 2025-2026 crop year is expected to reach 189.3 million tons, an increase of 4.73% over the previous crop year.

Meanwhile, global sweetener consumption is forecast to reach only 177.9 million tons, up 1.4% year-on-year in the 2024-2025 crop year, leading to a surplus of nearly 11.4 million tons - double the surplus of the previous crop year.

Energy commodity market recovers. Source: MXV

According to MXV, the energy market recorded strong recovery in buying power in yesterday's trading session.

Of which, Brent oil price stopped at 64.9 USD/barrel, corresponding to an increase of 1.26%. At the same time, WTI oil price also increased by 1.56%, to 61.84 USD/barrel.

The rally was mainly driven by concerns about supply disruptions in Venezuela and Canada.

In yesterday's session, the Organization of the Petroleum Exporting Countries and its partners (OPEC+) met to discuss setting a baseline oil production mechanism for 2027 instead of discussing the July production level.

Another meeting between the eight key OPEC+ members is expected to take place on May 31, and it is likely that a decision on OPEC+'s July production level will be made at this meeting.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-luc-ban-ap-dao-703861.html