Commodities Market: Buying Power Prevails in Metals

Metal price list on trading day April 15. Source: MXV

According to the Vietnam Commodity Exchange (MXV), selling pressure continued to dominate the world raw material market in the trading session on April 15. At the close, the MXV-Index decreased slightly by 0.1% to 2,161 points.

In the precious metals market, at the end of the session, silver price increased by 0.4% to 32.3 USD/ounce, while platinum price increased by 1.3% to 969.9 USD/ounce.

Global sales of electric and hybrid vehicles rose 29% year-on-year in March to 1.7 million units, according to Rho Motion. In particular, the Chinese market recorded a 36% increase, approaching the 1 million mark, while sales in Europe also increased 24% to 400,000 units thanks to stricter emissions regulations.

This strong growth is expected to boost demand for silver and platinum, as silver is used in electrical systems and sensors, while platinum plays an important role in the exhaust gas treatment of hybrid vehicles.

In the base metals group, COMEX copper prices edged up 0.01% to $10,198.57/ton, while iron ore extended its recovery with a 0.59% increase to $98.71/ton.

Prices of many agricultural products are down. Source: MXV

Also according to MXV, red continued to dominate the agricultural market. In particular, soybean prices extended their decline during the trading session, closing with a 0.55% adjustment to 380 USD/ton.

The decline mainly came from profit-taking after a series of continuous increases, especially in near-month contracts, while distant month contracts remained green.

Pressure on the market increased after the National Oil Mills Association (NOPA) released its March report, with results lower than expected.

Specifically, the soybean pressing volume reached about 5.3 million tons, nearly 81,650 tons lower than the average forecast.

While higher than February, the figure is still lower than the same period last year and marks the lowest average crushing rate in six months, dampening expectations for short-term soybean demand.

For soybean products, soybean oil prices were supported by significantly lower-than-expected NOPA inventories. Conversely, soybean meal prices weakened in line with soybeans, as the depreciation of the peso is expected to boost soybean meal exports from Argentina, adding further downward pressure on the commodity.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-luc-mua-chiem-uu-the-voi-kim-loai-699104.html