Despite the divergence, the cash flow still flowed strongly into the market yesterday, bringing the trading value of the whole Department to 5,300 billion dong, up nearly 20% compared to the previous session. Notably, both energy and metals have increased, reaffirming the advantage of this market, as investors always have opportunities regardless of when prices go up or down.
Oil prices rise to 2-week high
Crude oil rallied as the market expected the European Union to soon impose sanctions on Russia’s oil and gas industry. At the end of the session, WTI oil price increased by nearly 3.3% to 105.36 USD/barrel while Brent price increased 2.2% to 107.26 USD/barrel.

The US Secretary of Energy said that it will make efforts to increase production to compensate for the decline from Russia, but according to analysts, in the short term, the market will still face shortages. deficit.
The rally was also supported by sources saying that OPEC+ members intend to keep output increases at a low level of just 432,000 bpd per month through the end of September. However, it is likely that OPEC+ will also could not achieve this modest figure, as in March the group was still producing 1.45 million bpd below the set limit. Maintenance problems and domestic instability also make it difficult for members to produce oil.
Metal group under pressure
Gold and platinum prices regained the green, closing higher at $1,894.3 an ounce and $911.10 an ounce, respectively. Meanwhile, silver prices plummeted 1.4% to 23.1 USD/ounce.
It can be seen that, although precious metal products recovered in green, the gain was also quite modest, due to the double pressure from the US stock market and the strengthening of the dollar. Capital inflows are reallocating into risk markets, causing all three major indexes, the S&P500, Nasdaq and Dow Jones to rally. Bitcoin is also approaching the $40,000 level.
The Dollar Index, a gauge of the dollar’s strength against a basket of other major currencies, also rose to 103.6 points, its highest level since January 2017, the beginning of an interest rate hike. until 2019 by the US Federal Reserve (Fed). The outlook for the precious metals market turned quite negative as the safe-haven role was lost to the greenback’s high liquidity and attractive returns from the stock market.
Yesterday, the personal consumption expenditures (PCE) price index, another preferred inflation gauge for the Fed, rose 7% year-on-year, but the PCE (core) index minus food and energy increased only 5.2% and lower than forecast. This is still an alarming level and will likely reinforce the Fed’s tightening stance.

As for base metals, copper prices continued to drop 1% to $4.41 per ounce, on the contrary, iron ore prices rose 0.8% to $142.05 per ton. This increase is somewhat modest for iron ore prices and does not say much about the market’s ability to recover after losing the $150 mark.
In the context that the world’s number one consumer China is still struggling with the epidemic, the consumption prospects of copper and iron ore are not optimistic. Many big cities like Hangzhou, or the port city of Qinhuangdao also tightened control measures to prevent an outbreak scenario like Shanghai.
Although the authorities have repeatedly reassured the people, and President Xi Jinping has also called for accelerating infrastructure construction, because no specific plan has been put in place, sales are still weak. dominate in both markets.
In addition, the fact that the GDP of the world’s largest economy, the US, grew negative in the first quarter, raising concerns about the decelerating pressure of the global economy, which is also another factor restraining purchasing power. with base metal items.
Commodity Exchange of Vietnam (MXV)

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