Global commodity markets are in turmoil.

Selling pressure continued to dominate the global commodity market, WTI oil prices fell below $60 per barrel, while coffee prices rose.

According to the Vietnam Commodity Exchange (MXV), at the close of trading at the end of April, the MXV-Index fell by more than 1.6% to 2,160 points.

The energy commodities market is in the red. Source: MXV

The energy market continued to be shrouded in red. Crude oil prices extended their decline for a third consecutive session amid growing concerns about oversupply and weaker-than-expected US economic indicators.

At the close of trading, Brent crude oil fell 1.34% to $63.12 per barrel. WTI crude oil dropped below $60 per barrel, falling to $58.21 per barrel, a sharp decline of 3.66%. This is also the lowest closing price for WTI crude oil since March 2021.

Market attention is focused on the meeting of the eight OPEC+ member countries scheduled for May 5th, to decide on production levels for June. Market rumors suggest that OPEC+ will continue to significantly increase production, similar to the decision made in May.

For industrial raw materials, the electronic display shows a mix of green and red colors. Source: MXV

With regard to industrial raw materials, coffee continues to be a bright spot.

Arabica coffee futures for July delivery on the New York exchange rose slightly by 0.24%, to $8,835 per ton. Meanwhile, Robusta coffee futures for July delivery on the London exchange recorded a 1.34% increase, reaching $5,369 per ton.

Both coffee commodities continue to maintain record high prices, mainly due to information indicating continued limited supply of Arabica.

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 several challenges as domestic supply is expected to decline towards the end of the harvest season.

On the domestic market, on April 30th, 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