Oil prices spike after President Donald Trump's announcement

The Vietnam Commodity Exchange (MXV) said that the world raw material market had relatively mixed developments in the first trading session of the week. In the energy market, world crude oil prices increased sharply after President Donald Trump announced that he would take stronger action against two of the world's major oil suppliers, Russia and Iran.

On the other hand, the weakening consumption outlook put pressure on most metal prices. At the close of trading, the dominant buying force helped the MXV-Index increase by nearly 0.4% to 2,307 points.

MXV-Index

Oil prices spike after Trump's announcement

At the end of the last trading session of March, green covered all 5 energy products. In particular, the price of two crude oil products increased sharply after recent statements by President Donald Trump targeting Russia and Iran.

Closing, both oil products were at their highest levels since early March. Of which, Brent oil price increased by 1.51% to 74.74 USD/barrel; WTI oil price increased by 3.06% to 71.48 USD/barrel. This is the strongest increase of WTI oil price since the beginning of this year.

Energy price list

Copper prices plunge amid oversupply concerns

According to MXV, selling pressure dominated the metal market in yesterday's trading session. Except for platinum, which rose, most of the remaining base metals weakened due to the poor demand outlook.

At the close of trading on March 31, silver prices fell slightly by 0.58% to $34.61/ounce, but were still 17% higher than at the beginning of the year. Meanwhile, platinum prices jumped 3.27% to $1,009/ounce, up 11% from early January.

Metal price list

Platinum is one of the essential metals in the auto industry. Therefore, the market is in a state of confusion ahead of the US’s expected announcement of a reciprocal tax policy on April 2 and the official imposition of a 25% tax on imported cars and components from April 3. This imposition of tariffs is likely to disrupt the supply chain and significantly increase the price of cars and components in the context of inflation that has already made cars more expensive.

In addition to the upcoming auto tariffs, Trump has previously imposed an additional 25% tariff on imported aluminum and steel and threatened to impose more on copper. These are three important materials for car production, so increasing tariffs on these metals would also increase the cost of car production in the US.

In the base metals market, at the close of yesterday's trading session, copper prices lost 1.87% to $11,098/ton. Meanwhile, iron ore also reversed and decreased 1.21% to $100.99/ton.

Copper prices came under pressure after BNP Paribas warned that prices could fall to $8,500 a tonne by the end of the second quarter due to a drop in demand as the speculative wave in the US ends. The bank also cut its forecast for global copper consumption growth in 2025 from 3.1% to 2.3%, while raising its forecast for a supply surplus to 460,000 tonnes.

Ngoc Ngan

Source: https://congthuong.vn/dau-gia-tang-vot-sau-tuyen-bo-cua-tong-thong-donald-trump-380915.html