Closing the session on May 17, silver prices continued to increase for a third consecutive session with a gain of 0.92% to $21.75/lb, while platinum ended a 3-day losing streak with a significant recovery of 1, 96% to 943.4 USD/ounce. Inflationary pressures and concerns about the US Federal Reserve (Fed) will aggressively raise interest rates in the upcoming sessions have temporarily subsided thanks to positive retail sales data released this evening. via.
Accordingly, core retail sales in the US in April increased by 0.6% compared to the previous month, higher than the market forecast of 0.4%. US industrial output also grew by 1.1%, higher than expectations of 0.6%.
This has eased investors’ fears of a recession, or at least a recession that won’t come anytime soon, and the Fed’s rate hike may go ahead as planned. Besides, the dollar continued to “cool down” yesterday, helping silver and platinum prices benefit because cash flow is starting to be allocated to investment markets.
Besides, China’s macro policies towards reducing mortgage interest rates and infrastructure investment to boost the construction and real estate industries are also positive factors for the copper market. .
Contrary to the recovery of copper prices, iron ore prices fell 1.41% to 128 USD/ton mainly due to the policy of cutting carbon emissions for steelmaking industry in China. The government’s continued commitment to cut steel production each year has put pressure on the price of iron ore, which is an important input material.
In the domestic market, due to the continuous decline in the price of input raw materials, Vietnamese enterprises also continued to lower steel prices. Notably, the reduction this time is up to 500,000 – 800,000 VND/ton, bringing the price of construction steel to range from 17.8 to 18.7 million VND/ton.
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
Website: http://tgimportexport.co
