US announces reciprocal tax: Commodity prices will fluctuate strongly in today's session

According to MXV, the commodity market recorded many notable developments in yesterday's trading session (April 2). At the close, overwhelming buying pressure supported the MXV-Index to increase strongly by 2%, surpassing the 2,330 point mark - the highest level since the last week of February.

The market for industrial raw materials is a mix of green and red. Source: MXV

At the end of yesterday's trading session, April 2, green and red were mixed on the price list of industrial raw materials.

Cocoa has attracted the attention of investors as it leads the overall market uptrend. Closing, the price of cocoa contract in May increased sharply to over 9,168 USD/ton, up 9.67% and reaching a one-month high.

Meanwhile, in the coffee market, the price of Arabica coffee for May contract decreased slightly by 0.05%, while the price of Robusta coffee closed at 5,336 USD/ton, down 0.11%.

In Vietnam, coffee prices in the Central Highlands region were recorded this morning at around 132,200 - 133,500 VND/kg, down about 300 VND/kg compared to yesterday.

Energy commodity market prices increase. Source: MXV

According to MXV, oil prices unexpectedly turned up in the trading session on April 2, despite concerns about future oil demand. At the end of the session, Brent crude oil prices reached 74.95 USD/barrel, up 0.62%, while WTI crude oil prices increased 0.72% to 71.71 USD/barrel. This is the highest price of both types of oil since early March.

Concerns about short-term supply shortages persist after US sanctions were announced targeting crude oil from Iran and Venezuela. Venezuelan oil exports in March were estimated to have fallen 11.5% from the previous month.

However, the price increase was strongly restrained by the US President's announcement of a series of new reciprocal taxes applied to imported goods from a series of major trading partners on the afternoon of April 2 (local time), causing oil demand to plummet in the future.

As of 6am this morning, the market has reacted strongly to this news. WTI oil prices have recorded a sharp drop of more than 2.5% and this downward trend is expected to continue until the end of today's session.

Also according to MXV, the US President's announcement of reciprocal tariffs on 185 countries and territories this morning (April 3) Vietnam time is expected to cause world commodity prices to fluctuate strongly in today's trading session.

Source: https://hanoimoi.vn/my-cong-bo-thue-doi-ung-gia-hang-hoa-se-bien-dong-manh-trong-phien-hom-nay-697708.html