Commodity market: MXV-Index surpasses 2,300 points

The global commodities market closed the past trading week predominantly in positive territory, as investment flows returned strongly to the energy and agricultural sectors.

The MXV-Index closed up more than 3% at 2,316 points - its highest price level in over 4 months.

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

According to the Vietnam Commodity Exchange (MXV), the prices of both world crude oil commodities surged by more than 7.5%, reaching $61.5 per barrel for WTI and $65.9 per barrel for Brent.

Reignited geopolitical tensions are a major factor driving the rise in oil prices. Additionally, market sentiment was boosted by high-level trade talks between the US and China held over the weekend in Kuala Lumpur, Malaysia, with expectations of easing tensions, opening up prospects for economic cooperation, and facilitating trade flows between the world's two largest economies.

The agricultural market showed positive signs last week. Source: MXV

The agricultural commodities group also saw positive developments last week. Notably, CBOT wheat prices rose 1.74% to $188.31 per ton, supported by both fundamental and technical factors amid growing market concerns about geopolitical risks.

In the short term, large-scale import tenders have become a significant driver of price increases. Algeria reportedly purchased around 600,000 tons of wheat at $258.5/ton C&F, triggering spillover buying from European traders and easing selling pressure on the futures market.

Due to the partial US government shutdown since the beginning of October, the market lacked official crop reports from the US Department of Agriculture . This lack of data transparency fueled short-term speculation, making prices vulnerable to trade rumors.

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