Commodity market: MXV-Index surpasses 2,300 points

The world raw material market closed the trading week with overwhelming green, as investment cash flow returned strongly to the energy and agricultural groups.

The MXV-Index closed up more than 3% to 2,316 points - the highest price in more than 4 months.

Crude oil prices increased by more than 7.5% last week. Source: MXV

According to the Vietnam Commodity Exchange (MXV), the prices of two world crude oil products both increased by more than 7.5%, to 61.5 USD/barrel for WTI oil and 65.9 USD/barrel for Brent oil.

Heated geopolitics is the main factor driving the oil price increase. In addition, market sentiment was also supported after high-level trade negotiations between the US and China took place over the weekend in Kuala Lumpur (Malaysia), with the expectation that they could help ease tensions, open up prospects for economic cooperation and unblock trade flows between the world's two largest economies.

Agricultural market flourished last week. Source: MXV

The agricultural sector also recorded positive developments last week. Notably, CBOT wheat prices increased 1.74% to $188.31/ton, as fundamentals and technical factors supported the market amid growing concerns about geopolitical risks.

In the short term, large-scale import tenders have become an important driver of prices. Algeria was reported to have bought around 600,000 tonnes of wheat at $258.50/tonne C&F, triggering a buying spree from European traders and easing selling pressure on the futures floor.

The partial US government shutdown that began in early October has left the market without official crop reports from the US Department of Agriculture . The lack of data transparency has fueled short-term speculation, leaving prices vulnerable to trade rumors.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-mxv-index-vuot-2-300-diem-721097.html