Investment cash flow returns to precious metals market, oil price hits two-month low

According to the Vietnam Commodity Exchange (MXV), the world raw material market was divided in the trading session on February 26. At the close, selling pressure dominated, causing the MXV-Index to fall 0.2% to 2,292 points.

Precious metals market is vibrant

The trading session on February 26 witnessed the recovery of most metal commodities due to concerns about escalating global trade tensions and positive consumption prospects.

For the precious metals group, silver closed up 1.4% at $32.27 an ounce, up 9% from the beginning of the year. Platinum also ended a three-session losing streak, up 0.74% to $976.6 an ounce.

Precious metals were supported by increased demand for safe havens as the US Congress prepares to propose a bill to tighten trade enforcement against China. The bill could include new sanctions against Beijing for alleged dumping and subsidizing of domestic industries, disrupting global supply chains. In addition, China's "Belt and Road" initiative has become a target for Washington.

Among industrial metals, COMEX copper prices reversed sharply, rising 1.30% to $10,111.49 a tonne. Meanwhile, iron ore prices fell slightly by 0.17% to $105.1 a tonne, but were still nearly 4% higher than the same period in January. Aluminum continued to weaken for the fourth consecutive session, falling 0.23% to $2,632.5 a tonne.

Despite the threat of new US import tariffs on copper, the metal has maintained its recovery momentum thanks to strong demand. BHP, the world’s leading copper producer, is shifting its focus to the metal, with copper now accounting for 50% of its total investment. Rising demand for copper in the energy transition has prompted BHP to ramp up mergers and acquisitions to expand its control of major copper mines around the world.

On the other hand, iron ore prices are under pressure due to the gloomy outlook for China’s real estate market – the largest steel consuming sector. According to a Reuters survey, Chinese home prices are expected to fall 2.5% in 2025, while home sales may fall 5.7%, lower than previous forecasts. However, the decline in iron ore prices is partly restrained by the risk of a supply shortage. According to the World Steel Association, global crude steel production in January 2025 was only 151.4 million tonnes, down 4.4% compared to the same period last year.

The aluminum market continued to weaken as Russia announced its readiness to resume supplies to the United States, with a volume of about 2 million tons/year. This announcement was made in the context of improving US-Russia relations, raising expectations that Washington could lift the embargo on Russian aluminum producers. Previously, in 2017, Russia accounted for about 15% of total aluminum imports to the United States.

WTI oil price remains “stuck” below $70/barrel

At the close of yesterday’s trading session, the energy market continued to weaken for the fifth session. Crude oil prices continued to fall, reaching a two-month low, as a report from the US Energy Information Administration (EIA) showed that US fuel inventories unexpectedly increased, indicating weak demand. In addition, expectations of a potential peace agreement between Russia and Ukraine also continued to put pressure on global oil prices.

Specifically, Brent crude oil price decreased by 0.49 USD (equivalent to 0.67%) to 72.53 USD/barrel, while WTI oil price decreased by 0.31 USD (equivalent to 0.45%) to 68.62 USD/barrel. This is the lowest price of both types of oil since December 10 last year.

Source: https://baolangson.vn/dong-tien-dau-tu-quay-lai-thi-truong-kim-loai-quy-gia-dau-cham-day-hai-thang-5039403.html