Commodities Market: COMEX Copper Price Hits Record High

The Vietnam Commodity Exchange (MXV) said that at the close of trading yesterday (March 25), the simultaneous increase in the group of metals and industrial materials pushed the MXV-Index to 2,303 points.

Metal commodity market covered in green. Source: MXV

According to MXV, the market witnessed green color all over the metal price board. Notably, in the base metal market, COMEX copper price continued to increase by 1.32% to an unprecedented record - 11,487 USD/ton.

COMEX copper is one of the fastest growing commodities in the metals market, up about 25-28% year-to-date.

The commodity is currently trading at record highs amid concerns over US tariffs and further Chinese stimulus measures announced last week.

The industrial metal is increasingly important as demand for electric vehicles soars, artificial intelligence (AI) booms and the transition to renewable energy takes place around the world.

In the precious metals market, silver prices reversed and increased by 2.22%, reaching 34 USD/ounce. Meanwhile, platinum also increased by 1.07% to 974.7 USD/ounce.

Money flows are shifting into precious metals as economic growth prospects weaken and inflation risks increase.

Agricultural commodity market is flooded with red. Source: MXV

On the contrary, in the agricultural market, red continued to dominate. Soybeans continued to decline, down 0.55% to 368 USD/ton.

According to MXV, trade tensions between the US and major partners, especially China, continue to be the main factor influencing soybean prices, while positive signals from the European market and concerns about supply from Brazil are not strong enough to reverse the trend.

In addition, analysts are concerned about the possibility that major countries will take trade retaliation measures on many products, including soybeans.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-gia-dong-comex-cao-ky-luc-696910.html