The global commodities market closed the trading week from May 11-15 with strong divergence among different commodity groups. At the end of the week, the MXV-Index rose 1.1% to 2,948 points, continuing to maintain its historical peak.
According to the Vietnam Commodity Exchange (MXV), the energy sector continued to lead market trends as world oil prices rebounded sharply. Concerns about the breakdown of ceasefire negotiations between the US and Iran led to a cautious sentiment in the market from the beginning of the week.
Notably, in its May Short-Term Energy Outlook report, the U.S. Energy Information Agency (EIA) indicated that its forecast scenarios took into account the possibility of the Strait of Hormuz remaining completely blocked until the end of May. This information further heightened market sensitivity to supply risks.
Meanwhile, US oil inventory data also strongly supported energy prices. According to the EIA, in the week ending May 8th, US commercial crude oil inventories fell by more than 4.3 million barrels, marking the third consecutive week of declines and exceeding market forecasts. Gasoline inventories also decreased by nearly 4.1 million barrels as US travel demand increased ahead of the summer holiday season.
At the close of the trading week, WTI crude oil prices rose nearly 10.5%, to over $105.4 per barrel, while Brent crude oil increased nearly 7.9%, reaching $109.26 per barrel.
Domestically, retail gasoline and diesel prices moved in the opposite direction following the May 14th price adjustment by the Ministry of Industry and Trade - Ministry of Finance, when all gasoline and diesel products were simultaneously reduced.
Conversely, the metals market experienced strong selling pressure, particularly for COMEX silver. At the end of the week, July silver futures fell 4.1% to $77.6 per ounce.
Despite a sharp increase in the first half of the week, silver prices quickly reversed course under pressure from inflation and expectations that the Fed will maintain high interest rates for an extended period.
US economic data continues to show that inflationary pressures have not eased, with the CPI in April rising 3.8% year-on-year. At the same time, producer price indices and import/export prices both rose to their highest levels since 2022. This has led the market to almost rule out the possibility of the Fed cutting interest rates this year.
The high interest rate environment has pushed the yield on 10-year US Treasury bonds up to near 4.6%, while simultaneously driving the Dollar Index up for the fifth consecutive session. This continues to put pressure on precious metals.
In the domestic market, the price of 999 gold investment bars as of May 17th had fallen to the range of 2.829 - 2.916 million VND/ounce (buying price - selling price), a decrease of approximately 6.8% compared to the end of last week.
Source: https://hanoimoi.vn/thi-truong-hang-hoa-rung-lac-mxv-index-van-giu-da-tang-750453.html
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