Rubber prices drop sharply; Domestic gold and world gold suddenly 'plummet'

Rubber prices suddenly dropped sharply

Updated world rubber prices at 4:50 a.m. on May 22, 2024 (Vietnam time) at the Tokyo Commodity Exchange (TOCOM), RSS3 rubber prices increased, fluctuating at 320 - 323.6 JPY/kg.

Similarly, TSR20 rubber price at Singapore Exchange (SGX) fluctuated at 169.5 - 170.8 US cents/kg...

According to the forecast of the Association of Natural Rubber Producing Countries (ANRPC), in 2024, global natural rubber output will reach 14.54 million tons, an increase of 1.6% compared to 2023.

Most of Vietnam's rubber is exported to the Chinese market. Illustrative photo.

Of which, Thailand's output is expected to decrease by 0.5%; Indonesia's by 5.1%; China's output is expected to increase by 6.9%; India's by 6%; Vietnam's by 2.9%; Malaysia's by 2.9% and other countries' by 7.3% compared to 2023.

In April 2024, rubber prices on major exchanges in Asia fluctuated strongly, rising in the first 10 days of the month before falling again, amid low demand prospects and reduced tire production in China ahead of a long holiday, and excess car supply also putting pressure on the market.

The Import-Export Department (Ministry of Industry and Trade) also stated that in the coming months, Vietnam's exports will be strongly affected due to concerns about slowing demand in China, while most of Vietnam's rubber is exported to this market.

Coffee prices skyrocket into new price cycle

Coffee prices on May 22, 2024 in the domestic market are forecast to continue to increase because the coffee market has many positive supporting factors. Source of goods, some export manufacturers said that for more than a week they have not purchased goods, causing production capacity to decrease sharply by 30-70%.

In addition, according to Citi, the world coffee price market on online trading floors has the prospect of increasing in both the short and medium term. Unfavorable weather conditions and expectations of continued demand are important factors that can keep coffee prices high and create opportunities for continued record increases.

Domestic coffee prices are still on the rise, with a slight increase of 100 - 400 VND/kg. Currently, the average purchase price in the Central Highlands provinces is 104,000 VND/kg, the highest purchase price in Dak Nong province is 104,200 VND/kg.

Specifically, coffee was purchased in Gia Lai and Kon Tum provinces at the price of 103,800 VND/kg; In Dak Nong province, coffee was purchased at the highest price of 104,200 VND/kg.

Green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at 103,500 VND/kg.

In Dak Lak province, coffee is purchased at about 103,900 VND/kg, while in Ea H'leo district and Buon Ho town, it is purchased at the same price of 104,000 VND/kg.

Domestic gold and world gold suddenly "plummeted"

Today, SJC gold reversed and decreased by more than 300,000 VND per tael, bringing the price down to 90.7 million VND/tael, world gold retreated from its record high.

At the time of survey at 5:00 a.m. on May 22, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 88.60 million VND/tael for buying and 90.40 million VND/tael for selling.

At Mi Hong Gold and Gemstone Company, the price of Mi Hong gold at the time of survey listed the price of SJC gold at 89.50 - 90.50 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 88.70 - 90.40 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 88.60 - 90.40 million VND/tael (buy - sell).

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,420.76 USD/ounce, down 4.14 USD/ounce compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 73.386 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 15.314 million VND/tael higher than the international gold price.

Source