Commodity market: Red continues to dominate

The world raw material market has mixed developments, in which cocoa prices have decreased for the 6th consecutive session, while soybean prices increased slightly.

The Vietnam Commodity Exchange (MXV) said that at the close, selling pressure dominated, causing the MXV-Index to fall another 0.6% - extending the decline to the third consecutive session, down to 2,164 points...

The market for industrial raw materials has mixed developments. Source: MXV

Red dominated the industrial raw material price list, with cocoa prices extending their decline into the sixth session, plunging nearly 5.5% to $9,110/ton - the lowest level in more than two weeks.

Ivory Coast – the world’s largest cocoa producer – is expected to maintain stable production in the 2024-2025 crop year, up 2.2% to 1.8 million tonnes from the previous crop year, according to a USDA report.

In addition, cocoa inventories on the ICE exchange in the US increased to the highest level in more than 8 months, reaching 2.19 million bags, creating further downward pressure on the cocoa market.

Agricultural commodity market is mixed with green and red. Source: MXV

The MXV-Index of agricultural products recovered slightly after 4 consecutive sessions of weakness. Of which, soybean prices increased slightly by 0.31% as the market recovered from the previous sharp decline. The market fluctuated due to the impact of conflicting fundamental information, making the price trend unclear.

Market research firm LSEG has just lowered its forecast for Argentina’s 2024-2025 soybean production to 48.7 million tonnes, a factor that helps buyers dominate the market.

Soybean oil prices fell more than 1% to $1,066 a tonne due to pressure from a weakening energy market. In contrast, soybean meal prices rose nearly 1% to $326 a tonne due to concerns about supply from Argentina, the world’s largest soybean meal exporter.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-sac-do-tiep-tuc-chiem-uu-the-703979.html