World commodity market 'on fire'

The Vietnam Commodity Exchange (MXV) said that at the end of the trading session in April, the MXV-Index decreased by more than 1.6% to 2,160 points.

Energy commodity market in red. Source: MXV

The red color continues to cover the energy market. In particular, the price of two crude oil products continued to decline for the third consecutive session amid increasing concerns about the risk of oversupply and at the same time, the US economic indicators are not positive.

At the end of the trading session, Brent oil price decreased by 1.34%, down to 63.12 USD/barrel. WTI oil lost the 60 USD/barrel mark, falling to 58.21 USD/barrel, down 3.66%. This is also the lowest closing price of WTI oil since March 2021.

The market's focus is on the meeting of eight OPEC+ member countries scheduled to take place on May 5, to decide on production levels for June. Information circulating in the market is leaning towards the possibility that OPEC+ will continue to increase production sharply, similar to the decision made in May.

With the group of industrial materials, green and red colors are interwoven on the electronic board. Source: MXV

In the industrial raw material group, coffee continues to be a bright spot.

The price of Arabica coffee for July delivery on the New York Stock Exchange increased slightly by 0.24% to $8,835/ton. Meanwhile, the price of Robusta coffee for July delivery on the London Stock Exchange increased by 1.34% to $5,369/ton.

Two coffee commodities continue to maintain record high prices, mainly due to information that Arabica supply is still limited.

The Import-Export Department (Ministry of Industry and Trade) forecasts that Vietnam's coffee exports will continue to grow in the short term thanks to abundant domestic supply. However, in the long term, Vietnam's coffee exports may face many challenges as domestic supply is expected to decline at the end of the harvest season.

In the domestic market, on April 30, coffee prices in Dak Lak and Dak Nong reached 130,800 VND/kg, Gia Lai 130,700 VND/kg and Lam Dong 130,200 VND/kg, unchanged from the previous session.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-the-gioi-do-lua-700959.html