Silver prices hit 12-year high

At the close, the MXV-Index rose 1.21% to 2,193 points. Notably, green dominated the metal market, with silver prices reaching a 12-year high thanks to increased safe-haven demand. Meanwhile, the industrial raw materials market went against the general trend of the entire market when many items simultaneously decreased in price.

Thị trường hàng hóa hôm nay ngày 23/10: Giá bạc leo đỉnh 12 năm

MXV-Index

Buying power returns to the metals market

Closing yesterday's trading day, buying power returned to the metal market, supporting most items in the group to increase in price. For precious metals, silver prices continued to fluctuate around the highest price range in 12 years thanks to an increase of 2.83% to 35.04 USD/ounce. This was also the third consecutive increase in silver prices. Platinum prices also recovered when they jumped 2.42% to 1,041.4 USD/ounce. Precious metal prices continued to benefit as demand for safe-haven assets increased amid uncertainty surrounding the US election and escalating tensions in the Middle East.

Metal price list

Silver and platinum buying also picked up following Citigroup’s recent forecast. The bank revised its silver price forecast to $40 an ounce over the next six to 12 months, up from $38 an ounce previously. For platinum, Citi’s three-month target is $1,025 an ounce and its six-to-12-month target is $1,100 an ounce.

Moreover, silver, which is more macro-sensitive than platinum, continued to be supported as the market reacted positively to the recent interest rate cut by China, the world’s largest consumer of metals. Specifically, on the morning of October 21, Chinese banks cut the loan prime rate (LPR) for both one-year and five-year terms by 25 basis points, now anchored at 3.1% and 3.6%, respectively.

In base metals, LME aluminium extended its gains by 1.46% to $2,633.50 a tonne, its highest level in more than two weeks. Aluminium has seen strong buying interest recently, mainly due to concerns over tight raw material supplies.

According to industry sources, the supply of alumina, the raw material for primary aluminum production, is shrinking significantly due to a shortage of bauxite ore, especially supply disruptions in Australia and Guinea. This has pushed raw material prices to continuously increase sharply, while also leading to expectations of a sharp increase in aluminum prices in the coming time.

Cocoa prices lead the decline

In the industrial raw material market, cocoa prices led the decline yesterday with a decrease of 3.44% compared to the reference. The reason came from positive signals about the crop and supply in Ivory Coast - the world's largest cocoa producer and exporter.

Industrial raw material price list

Cocoa growers in the West African country said abundant rains fell in most of the major cocoa growing regions last week, supporting the outlook for the new crop from October to March next year. Local cocoa exporters said that in the first 20 days of the 2024-2025 crop year, cocoa arrivals reached 193,000 tonnes, up 13.5% from the same period last season.

Prices of some other goods