At the end of the trading day 07/07, the green color dominated the commodity market and pulled the MXV-Index up sharply by 3.73% to 2,595.14 points after 2 previous sliding sessions. The MXV-Index of all 4 material groups gained, in which, the energy group led with more than 6%, the strongest increase since mid-March this year.
The trading value of the whole Department decreased slightly by 0.77% compared to the previous session, mainly due to the decline in cash flow of the Industry group. However, the attention of traders to the metal group has strengthened the investment cash flow in the group to increase strongly by 35%, helping the trading value of the whole Department remain above 4,000 billion dong.
The trading value of the whole Department decreased slightly by 0.77% compared to the previous session, mainly due to the decline in cash flow of the Industry group. However, the attention of traders to the metal group has strengthened the investment cash flow in the group to increase strongly by 35%, helping the trading value of the whole Department remain above 4,000 billion dong.
Crude oil is back in green after 2 sharp drops
Crude oil price rebounded after two declining sessions when a series of basic news on supply and demand brought buying power back to the market. Ending the session, the WTI crude oil contract for August futures was up 4.6% to $102.73 a barrel, while the September Brent crude oil contract for September contract closed 3.93% higher at $104.65 a barrel. .
Recently, a court in Russia ordered a 30-day shutdown of CPC Company, one of the largest pipeline systems in the world, putting about 30 million barrels of crude oil, mainly from Kazakhstan, at risk. not exported every month. CPC processes about 1% of oil production per day, and this adds to the risks of tight supply.
The problem of oil market supply is increasingly difficult to solve when the US has announced a series of new sanctions against Iran, targeting front companies based in China and the United Arab Emirates. United Arab Emirates (UAE),… Washington accused these companies of distributing and selling Iranian petroleum and petrochemical products to East Asia. After the round of negotiations to restore the Joint Comprehensive Plan of Action 2015 on June 29 ended without any progress, this move by the US will make a nuclear agreement between the two countries increasingly difficult. restored.
In addition, new data in the report of the US Energy Information Administration (EIA) also supported the upward momentum of oil prices. Although commercial crude oil inventories increased by 8.2 million barrels for the week ended July 1, gasoline and distillate fuel inventories decreased by 2.5 million barrels and 1.3 million barrels, respectively, reflecting the increased demand during peak consumption periods in the United States. In addition, product supply, the number that best represents US consumer demand, rose in the most recent week to 20.5 million bpd.
The problem of oil market supply is increasingly difficult to solve when the US has announced a series of new sanctions against Iran, targeting front companies based in China and the United Arab Emirates. United Arab Emirates (UAE),… Washington accused these companies of distributing and selling Iranian petroleum and petrochemical products to East Asia. After the round of negotiations to restore the Joint Comprehensive Plan of Action 2015 on June 29 ended without any progress, this move by the US will make a nuclear agreement between the two countries increasingly difficult. restored.
In addition, new data in the report of the US Energy Information Administration (EIA) also supported the upward momentum of oil prices. Although commercial crude oil inventories increased by 8.2 million barrels for the week ended July 1, gasoline and distillate fuel inventories decreased by 2.5 million barrels and 1.3 million barrels, respectively, reflecting the increased demand during peak consumption periods in the United States. In addition, product supply, the number that best represents US consumer demand, rose in the most recent week to 20.5 million bpd.
Natural gas price increased very strongly by 14.28% to 6,297 USD/MMBTu in yesterday session, along with the increase of energy group. Besides, the fact that a gas pipeline company had to declare force majeure in the Gulf of Mexico area also supported the price increase. In addition, the rise of natural gas in the European market also boosted gas prices in the US. Currently, Russia has reduced the amount of gas shipped to Europe, with the pipeline to Germany operating at only 40% of capacity.
Copper price suddenly recovered strongly after a series of plunges
For the metal market, except for LME nickel, all remaining items in the metal price list are covered in green. This is one of the rare times that the metal price list has received such positive buying force since the beginning of June. Silver had a second consecutive increase, ending at $19,188 an ounce after. when increasing 0.15%. Platinum ended a four-day losing streak with relatively strong buying, sending prices up nearly 3% to $865.8 an ounce.
Copper price suddenly recovered strongly after a series of plunges
For the metal market, except for LME nickel, all remaining items in the metal price list are covered in green. This is one of the rare times that the metal price list has received such positive buying force since the beginning of June. Silver had a second consecutive increase, ending at $19,188 an ounce after. when increasing 0.15%. Platinum ended a four-day losing streak with relatively strong buying, sending prices up nearly 3% to $865.8 an ounce.
Yesterday, the Governor of the US Federal Reserve (Fed), Christopher Waller, in a discussion with the National Association of Business Economics showed his move to support a 75 basis point increase in interest rates in July. but the rate of rate hike will slow down after that, maybe 0.5 percentage point in September. Quoting the Governor that he personally thinks the risk of economic damage is possible, but some are concerned about The recession was overblown.
The comment immediately hit market expectations, with investors reducing their bets on the Fed raising rates by 75 basis points in September to 13% from 23% before he spoke. . The US Dollar increased slightly compared to yesterday, however, showed a weakening trend during the session. This supported the gaining momentum of precious metals, which are sensitive to changes in interest rates and the USD.
As for the base metals group, COMEX copper had an unexpected recovery session after hitting the bottom of nearly 20 months. A sharp increase of 4.81%, regaining the $ 3.5 / pound mark was mainly supported by the news that the Chinese Government is planning to consider allowing local governments to sell 1.5 trillion yuan. (NDT) ($220 billion) special bonds in the second half of this year, an unprecedented acceleration of infrastructure financing aimed at boosting economic growth.
In addition, the country’s authorities have just announced plans to extend tax breaks for electric vehicles, build more charging stations and encourage reduced charging fees. The tax halving to 5% has helped the market recover with electric vehicle sales soaring 130% to 546,000 units last month, accounting for almost 30% of total vehicle sales. Facing these strong stimulus efforts, copper and iron ore prices both showed a positive reaction after many plunging sessions.
The comment immediately hit market expectations, with investors reducing their bets on the Fed raising rates by 75 basis points in September to 13% from 23% before he spoke. . The US Dollar increased slightly compared to yesterday, however, showed a weakening trend during the session. This supported the gaining momentum of precious metals, which are sensitive to changes in interest rates and the USD.
As for the base metals group, COMEX copper had an unexpected recovery session after hitting the bottom of nearly 20 months. A sharp increase of 4.81%, regaining the $ 3.5 / pound mark was mainly supported by the news that the Chinese Government is planning to consider allowing local governments to sell 1.5 trillion yuan. (NDT) ($220 billion) special bonds in the second half of this year, an unprecedented acceleration of infrastructure financing aimed at boosting economic growth.
In addition, the country’s authorities have just announced plans to extend tax breaks for electric vehicles, build more charging stations and encourage reduced charging fees. The tax halving to 5% has helped the market recover with electric vehicle sales soaring 130% to 546,000 units last month, accounting for almost 30% of total vehicle sales. Facing these strong stimulus efforts, copper and iron ore prices both showed a positive reaction after many plunging sessions.
In the domestic market, according to the latest data from the General Department of Customs, Vietnam continued to have a trade deficit of iron and steel in June and benefited from the recent cooling of world iron and steel prices. However, the export trend has been more boosted compared to the previous month. Vietnam’s iron and steel exports in June reached 860,000 tons, up nearly 16% compared to May, while imports decreased by 2.9%, reaching more than 1.2 million tons.
Commodity Exchange of Vietnam (MXV)
T&G Import-Export Joint Stock Company
Address: 352 Hue Street, Le Dai Hanh Ward, Hai Ba Trung District, Hanoi
Hotline: 02473010868
Email: hrm@tginterjsc.com
