World commodity markets quiet on US and UK holiday

The Vietnam Commodity Exchange (MXV) said that the world raw material market was quiet as two major markets, the US and the UK, were closed for the holiday.

At the end of the first trading session of the week, the MXV-Index moved sideways around 2,202 points.

Energy commodity markets fluctuate slightly. Source: MXV

At the end of yesterday's trading session, the energy market recorded slight fluctuations, with oil prices fluctuating within a narrow range.

Specifically, WTI oil price remained unchanged at 61.5 USD/barrel, while Brent oil only decreased slightly by 0.06%, down to 64.7 USD/barrel.

Cautious sentiment continued to dominate the market as investors awaited OPEC+’s decision on July production plans, expected to be discussed this week.

If the decision to increase production is approved, this will be the third consecutive month that OPEC+ has increased production sharply, raising concerns about the risk of oversupply and continuing to put pressure on oil prices.

In addition, the market also received positive news when the US announced the withdrawal of the proposal to impose a 50% tax on imports from the EU, and at the same time restored the deadline for trade negotiations between the two sides until July 9.

The market for industrial raw materials fluctuated slightly.

Source: MXV

In the industrial raw materials market, many commodities such as coffee and cocoa are temporarily closed as the market enters the Memorial Day holiday in the US and the Spring Bank Holiday in the UK.

Closing the trading session on May 26, rubber prices fluctuated slightly. RSS3 rubber futures contract for July delivery on the Osaka exchange decreased slightly by 0.46%, at 2,263 USD/ton, while TRS20 rubber futures contract for July delivery on the Singapore exchange increased by 0.12%, currently at 1,702 USD/ton.

Regarding supply, according to government data, the total rubber export volume in the first quarter of Thailand, Indonesia, Vietnam and Malaysia reached 1.76 million tons, almost unchanged compared to the same period last year. Of which, Thailand increased by 1.8%, Indonesia increased by 7.6%, Vietnam decreased by 7.5% and Malaysia decreased by 3%.

In terms of demand, the total rubber import volume in the first quarter of the US, EU and China reached 1.22 million tons, a sharp increase of 22.4% over the same period last year. Of which, imports from China increased by nearly 50%, reaching 780.6 thousand tons, while the EU decreased by 10% to 255.4 thousand tons.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-the-gioi-tram-lang-trong-ngay-my-va-anh-nghi-le-703603.html