The global commodities market is regaining its positive momentum.

The Vietnam Commodity Exchange (MXV) reported that green continued to dominate the global raw material price chart during yesterday's trading session (October 30).

At closing, the MXV-Index rose 0.68% to 2,169 points. Notably, the energy sector led the recovery trend of the entire energy market, with 4 out of 5 commodities increasing in price. In addition, the industrial raw materials group also maintained its upward momentum, with 7 out of 9 commodities closing in positive territory.

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MXV-Index

World oil prices reverse course and recover.

At the close of yesterday's trading session, world oil prices reversed course after plummeting in the previous two sessions. The main reasons were an unexpected decrease in US crude oil and gasoline inventories and news that the Organization of Petroleum Exporting Countries and its allies (OPEC+) postponed their previously planned production increase.

At the close of trading on October 30, WTI crude oil prices rose 2.08%, reaching $68.61 per barrel. Meanwhile, Brent crude oil prices increased 2.01% to $72.55 per barrel.

Energy price list

According to the U.S. Energy Information Agency (EIA), U.S. gasoline inventories fell unexpectedly last week to their lowest level in two years, signaling improving demand and supporting a recovery in oil prices. Additionally, U.S. crude oil imports from Saudi Arabia, Canada, Iraq, Colombia, and Brazil all declined last week. Notably, imports from Saudi Arabia fell to their lowest level since January 2021, dropping from 150,000 barrels per day to just 13,000 barrels per day. This sluggish import activity led to a surprise drop in U.S. crude oil inventories, easing concerns about oversupply that had been present the previous week when U.S. oil inventories surged, thus contributing to price support.

In addition, according to Reuters, OPEC+'s previously planned December production increase may be postponed by at least a month due to concerns about weakening oil demand and increasing supply. This extension of the production easing period has eased market concerns about the risk of oil oversupply, thus helping world oil prices reverse course and rise again.

Previously, OPEC+ planned to increase oil production by 180,000 barrels per day by the end of this year, aiming to gradually restore previously cut production. Two sources from OPEC+ said that a decision to postpone the production increase could be made as early as next week. In addition, the market is also focusing on the Organization of Petroleum Exporting Countries (OPEC)'s monthly Oil Market Report (MOMR), which will be released on November 12th. Following that, Saudi Arabia will also announce the Official Selling Price (OSP) of its crude oil production.

Cocoa prices extended their gains for the fourth consecutive session.

According to MXV, at the close of yesterday's trading session, green dominated the price charts for industrial raw materials. In particular, cocoa prices rose for the fourth consecutive session, reaching $7,391 per ton. The market continued to be supported by news of excessive rainfall in Africa as well as concerns about a global cocoa deficit.

Prolonged heavy rains in African cocoa plantations – the world's largest producing region – have raised concerns about the risk of flooding and disease outbreaks affecting the crop. This could lead to a sharp drop in cocoa yields, making the supply outlook for the 2024-2025 season less promising than initially expected.

Industrial raw material price list

Furthermore, JPMorgan recently forecast that the global cocoa market will continue to have a deficit of 100,000 tons in the 2024-2025 crop year, contrary to previous balanced forecasts and expectations of a small surplus.

Notably, in the 2023-2024 crop year, the global cocoa market experienced a severe deficit due to a sharp decline in production in Ivory Coast and Ghana – two countries that account for nearly 70% of global production. This was the main reason for the surge in cocoa prices in the last months of 2023 and the beginning of 2024. Currently, cocoa prices remain high compared to the same period in previous years because production in the main supplying countries has not yet fully recovered.

Prices of some other goods