Data from the Mercantile Exchange Of VietNam (MXV) shows that the green and red colors are mixed on the price list, reflecting the divergent price movements of world raw material prices today. Agricultural product and energy groups are under strong pressure. Meanwhile, the growth rate was overwhelming for industrial materials and metals. During the day, the buying force somewhat prevailed, supporting the MXV-Index to close on April 18, recovering slightly by 0.16% to 2,304 points, ending a series of declines of 3 consecutive days.

Although Vietnamese investors were off yesterday for the Anniversary holiday. However, thanks to world connectivity, trading activities still take place normally. The transaction value of the entire Department recorded a decrease during the holiday, but still reached over 6,200 billion VND.

Soybean prices are at their lowest since February 2024

The soybean group plays a leading role in trends in the agricultural market. At the end of April 18, soybean prices weakened by more than 1%, reaching the lowest level since the end of February 2024. In addition to technical pressure at the resistance zone, the soybean market also faces great pressure from the prospect of international demand for supply from the US gradually slowing down.

The latest report from the US Department of Agriculture shows that US soybean sales for the 23/24 crop year in the week of April 5 - April 11 reached 485,795 tons, an increase of 59.1% compared to the previous week. However, from the beginning of the 2023-2024 crop year to April 11, cumulative US soybean sales only reached more than 41 million tons, down 18% compared to the same period last crop year. This reflects that US export activities are still facing great competitive pressure from Brazilian supplies.    

Besides, in a recent report, the International Grains Council (IGC) maintained its forecast for global soybean production in the 2024-2025 crop year at 413 million tons, an increase of 23 million tons from the current crop year. in. The prospect of expanded supply in the coming crop year puts even more pressure on soybean prices.

As for South American supplies, according to the Buenos Aires Grain Exchange (BAGE), as of the end of last week, farmers in Argentina had harvested 10.6% of the soybean area, an increase of 8.7% compared to the previous week. there. Furthermore, the rate of good to excellent quality soybeans was 30%, far exceeding the 3% recorded in the same period last year. These positive signals have partly eased market concerns about supply tightening.

On the domestic market, recorded on the morning of April 17, the asking price of South American soybean meal at Cai Lan port for delivery in the second and third quarter of this year fluctuated around 11,700-11,900 VND/kg. At Vung Tau port, the asking price was recorded at about 100 VND/kg lower than at Cai Lan port.

Copper prices hit a 22-month peak  

The metal market received positive buying pressure yesterday. However, the upward momentum mainly came from base metals, instead of precious metals as in most recent sessions. At the close, precious metals silver and platinum both recorded only slight fluctuations around the reference level. The upward momentum was restrained as the stronger USD put pressure on precious metal prices due to rising investment costs. Meanwhile, the safe haven role has not been further promoted because the conflict in the Middle East still has many potential risks but no new notable developments have appeared.

On the base metals market, 7 out of 8 commodities simultaneously closed in the green and all recorded an increase of over 1%. COMEX copper price increased sharply by 2.24% to a 22-month peak due to the risk of supply shortages becoming more serious. Zambia's state-owned electricity company Zesco warned of reducing power supplies to some mining companies, disrupting copper mining operations. 

Additionally, at CESCO Week, which, along with the CRU World Copper Conference, is considered the largest annual gathering of industry experts, the Chilean President forecast that production at state miner Codelco will increased slowly, and at the same time he predicted that copper prices have a lot of room to increase in the near future.

Sharing the same trend, iron ore prices maintained their upward momentum as consumption expectations in China continued to strengthen. According to Mysteel, the volume of iron ore traded at ports in China reached 1.15 million tons on Wednesday, up 24.6% from Tuesday. Furthermore, steel mills are increasing stockpiling of raw materials ahead of the Labor Day holiday. 

Source: MXV