Strong buying power pulls MXV-Index back to three-week high

According to the Vietnam Commodity Exchange, green covered the raw material market yesterday (November 7), pulling the MXV-Index up 1.69% to 2,208 points.

The Vietnam Commodity Exchange (MXV) said that the green color covered the raw material market yesterday (November 7), pushing the MXV-Index up 1.69% to 2,208 points - the highest level in the past three weeks. Notably, all 9 industrial raw material products increased in price, with cocoa leading the way, up 6.3%, while Arabica and Robusta coffee both increased by more than 4%.

MXV-Index

Cocoa prices increased sharply across the board

Closing the trading session on November 7, green covered the price list of industrial raw materials.

Industrial raw material price list

Cocoa led the industrial raw material group with a 6.3% increase, also supported by the movement of money between financial markets. In addition, cocoa production in Ghana - the world's second largest producer of this commodity, although recovering somewhat this year, is still below the historical average.

Meanwhile, cocoa arrivals in Ivory Coast, the world’s largest producer, could fall in December as recent heavy rains and floods have reduced bean quality. The director of a European exporter estimated that 20-25% of beans were defective and 10-15% were rejected. Meanwhile, the Coffee and Cocoa Council (CCC) expects cocoa arrivals in Ivory Coast to reach 1 million tonnes by the end of January, just below last year’s estimate.

Soybean prices rise for fourth consecutive session

According to MXV, soybeans performed strongly in yesterday's trading session and led the agricultural market's increase. January soybean futures jumped 2.24% in yesterday's session, recording their fourth consecutive session of increase amid positive US export results.

Agricultural product price list

According to data from the US Department of Agriculture (USDA) Export Sales report yesterday, the country's 2024-2025 soybean sales reached 2.04 million tons in the week ended October 31, down from 2.27 million tons a week earlier, but still near the top of the analyst forecast range of 1.2 million to 2.2 million tons. The figure was also 88.7% higher than the data for the same week last year, indicating strong international demand for US soybeans and a "bullish" impact on prices.

In addition, the narrowing of supply from Brazil is also a positive signal for US export activities. Specifically, Brazil's soybean exports in October reached 4.71 million tons, a sharp decrease compared to 5.6 million tons in the same period last year. The loss of production due to drought has affected Brazil's export supply, opening up opportunities for US soybeans in the international market.

Rising demand from China, the world's largest soybean consumer, helped support prices yesterday. Customs data showed China imported 8.09 million tonnes of soybeans in October, the highest level recorded for the period in four years. In the first 10 months of the year, the country imported 89.94 million tonnes of soybeans, up 11.2% from the same period last year.

Soybean oil was the group’s biggest gainer yesterday, rising 4.27%. The recovery in energy markets also boosted buying interest in soybean oil, which is an input for biodiesel production. Meanwhile, soybean meal prices fluctuated for most of the trading session and closed with little change.

In the domestic market, yesterday, November 7, the offer price of South American soybean meal to our country's ports was in red. At Vung Tau port, the offer price of soybean meal for delivery in December 2024 fluctuated between 10,400 - 10,500 VND/kg. Meanwhile, for the delivery period in January next year, South American soybean meal was offered at around 10,250 - 10,400 VND/kg. At Cai Lan port, the offer price was recorded 100 - 150 VND higher than at Vung Tau port.

Prices of some other goods