The market for industrial raw materials is red. Source: MXV
At the end of yesterday's trading session, the industrial raw material group was deep in red. Cocoa was the commodity that recorded the sharpest decline in the group, losing more than 5.6% to 9,602 USD/ton - the lowest level in the past week. In addition, the price of Malaysian palm oil also decreased by more than 1.5% to 914 USD/ton.
According to MXV, relatively favorable weather conditions in West African production areas and strong inventory recovery are the main causes of pressure on cocoa prices.
Current cocoa inventories are also weighing on the market. According to statistics on Monday, cocoa inventories monitored by ICE at U.S. ports rose to the highest level in nearly nine months, at more than 2.25 million bags.
Selling pressure increased sharply in the energy commodity market. Source: MXV
In the energy market, selling pressure also increased sharply.
Brent crude oil prices have slightly decreased by about 0.25%, down to 66.87 USD/barrel. Similarly, WTI crude oil prices also decreased to 64.98 USD/barrel, down about 0.47%.
Currently, the focus of international market attention is on Lancaster House in London (UK), where the high-level trade negotiations between the US and China are taking place.
According to the World Bank's June Global Economic Prospects report, the global economic growth forecast for 2025 has been lowered to 2.3%, down from 2.7% in the January report and the lowest level since 2008 if excluding the years of economic recession.
The above developments have pushed oil prices down.
Source: https://hanoimoi.vn/thi-truong-hang-hoa-luc-ban-manh-quay-lai-705188.html
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