The world raw material market is quiet.

Buying power continues to dominate the metals market

The metal market continued to maintain its upward momentum in the trading session on April 15 with overwhelming buying pressure thanks to expectations that the US will soon lower interest rates and positive consumption signals from key industries.

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, sales in China increased by 36%, approaching the 1 million mark, while sales in Europe increased by 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 a key 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.

The ready-to-deliver copper inventory on the Shanghai Futures Exchange (SHFE) at the end of March was only 235,296 tonnes, down 12% from the end of February. This development partly reinforced concerns about tight supply, thereby supporting copper prices to continue to maintain green in yesterday's trading session.

In addition, data from the International Stainless Steel Forum (ISSF) shows that global stainless steel production in 2024 will increase by 7% compared to 2023, reflecting stable production demand and contributing to boosting the consumption of input materials such as iron ore, creating momentum for price recovery in the market.

Soybean prices extend decline

According to MXV, in yesterday's trading session, 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 activities after a series of continuous increases, especially in near-month contracts, while far-month contracts remained green.

Pressure on the market increased after the US National Oilseed Crushers Association (NOPA) released its March crushing report, which was lower than expected. In addition, the strong export outlook from Brazil continued to put pressure on prices. The Brazilian Grain Exporters Association (ANEC) forecast soybean exports in April at 14.5 million tonnes, up from 13.3 million tonnes last week, thanks to the accelerated harvest.

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://baochinhphu.vn/thi-truong-hang-hoa-nguyen-lieu-the-gioi-dien-bien-tram-lang-102250416085551268.htm