November 2, 2024 | 23:20 GMT +7
November 2, 2024 | 23:20 GMT +7
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The green colour dominated the agricultural, energy, and metal sectors, supporting the MXV-Index to recover by 0.59% to 2,264 points, returning to its highest level in a week.
At the end of the first trading session of July, Arabica coffee prices decreased by 0.86% to $ 4,957.09/ton. Meanwhile, Robusta coffee prices rose by 1.40% to $ 4,067/ton. The continued decline in ICE-certified coffee stocks, combined with export data from Vietnam, were the main reasons for the price movements of these two commodities.
On the domestic market, as recorded this morning (July 2), the price of raw coffee beans in the Central Highlands and Southern provinces slightly increased, raising the domestic coffee purchase price to VND 120,000 - 121,300/kg.
Cocoa prices continued to drop sharply by 5.67% to $ 7,293/ton, hovering at the lowest level in a month. The market still hopes for positive weather signals to support the cocoa crop in West Africa.
However, the market is currently experiencing a supply shortage. Cocoa exporters in Ivory Coast reported that as of June 30, the amount of cocoa arriving at ports in this country reached 1.596 million tons, down 27.4% compared to the same period last season.
By the end of the trading session on July 1, the metal market showed mixed results. For precious metals, silver prices slightly increased by 0.18% to $ 29.61/ounce, but selling pressure dominated silver throughout most of yesterday's session. Meanwhile, platinum prices weakened by 2.5% to $ 988.7/ounce.
Right from the market opening, the prices of these two commodities faced pressure as investors were cautious in response to key macroeconomic data expected this week, including the Purchasing Managers' Index (PMI) for manufacturing, the minutes of the June interest rate meeting, and the US non-farm payroll report.
The weakening of silver and platinum prices extended into the evening session due to the strengthening of the USD. Despite weak economic data, evidenced by the US manufacturing PMI contracting for the third consecutive month, the US dollar surged in the evening session, buoyed by optimism surrounding former President Donald Trump's case.
Regarding base metals, COMEX copper prices rose by 0.6% to $ 9,740.01/ton following optimistic forecasts from analysts.
Specifically, industry experts believe that copper has strong potential for price increases in the second half of this year due to continued supply tightness and improving demand in China. It is forecasted that the copper concentrate market could face a deficit of about 500,000 tons by 2025, up from an expected deficit of 200,000 tons this year.
Accordingly, Citi Research predicts that copper prices will stabilize at $ 9,500 in the third quarter and rise to $ 12,000 by the end of this year or the first quarter of next year.
Similarly, iron ore prices rose by more than 3% to $ 110.08/ton, the highest level in the past two weeks. Iron ore is a commodity sensitive to China's economic stimuli. Therefore, the expectation that China will continue to implement measures to support the economy at the Central Committee Meeting (July 15-18) helped iron ore prices receive strong buying momentum in yesterday's session.
Translated by Hoang Duy
(VAN) Live pig prices on 11/01/2024, have increased by VND 1,000 in some areas. The live pig market across the 3 regions is trading around VND 58,000 - 64,000/kg.
(VAN) Domestic pepper prices on 11/01/2024 sharply dropped by VND 2,000 - 2,500, bringing domestic pepper trading down to the range of VND 141,000 - 142,500/kg.
(VAN) Coffee prices on 11/01/2024 dropped. Currently, domestic coffee prices have fallen by VND 800, reaching the range of VND 107,800 - 108,200/kg.
(VAN) Producers in Africa are grappling with dwindling harvests as a result of erratic weather, pests, and the loss of plantations.
(VAN) Coffee prices on 10/31/2024 have rebounded. Domestic coffee prices specifically rose slightly by VND 200, trading around VND 109,000 - 109,600/kg.
(VAN) Domestic pepper prices on 10/31/2024, remain stable. Domestic pepper prices are trading levels holding around VND 143,000 - 144,500/kg.
(VAN) Rice prices on10/31/2024 fluctuated mixed, changing by VND 50-150/kg. For exports, the price of Vietnamese rice decreased significantly by $ 5-7/ton.