Silver price is about to exceed the threshold of 33 USD/ounce

At the end of yesterday's trading session, silver prices increased by another 1.9% to $32.89/ounce, approaching the highest level since late October last year.

The Vietnam Commodity Exchange (MXV) said that the world raw material market fluctuated strongly in yesterday's trading session (March 11). Except for the prices of agricultural products, which all fell, the green color dominated the entire market. At the end of the session, the MXV-Index increased by 0.48% to 2,282 points.

Thị trường hàng hoá: Giá bạc sắp vượt ngưỡng 33 USD/ounce

MXV-Index

Silver price is about to exceed the threshold of 33 USD/ounce

In the metal market, especially the precious metals group, there was strong volatility after the trade tariff response between the US and Canada yesterday. Meanwhile, the improved demand outlook supported the prices of base metals.

At the end of the session, silver prices increased by 1.9% to 32.89 USD/ounce, approaching the highest level since late October last year. Meanwhile, platinum also recovered by 1.32%, reaching 979.6 USD/ounce.

Metal price list

Faced with this development, money has poured into precious metals as investors seek safe havens amid increasingly heated trade tensions.

However, the precious metal's rally was hampered by positive US labor market data. The JOLTs report showed that the number of job vacancies in January increased by 232,000 to 7.74 million, exceeding forecasts. This reinforced the US Federal Reserve's cautious stance on interest rate cuts, putting pressure on the outlook for precious metals.

Among base metals, COMEX copper rose 2.13% to $4.77 a pound ($10,507 a tonne). The gains were supported by a sharp drop in inventories. According to data from the London Metal Exchange (LME), the amount of copper available for trading fell to 136,300 tonnes, the lowest since mid-June 2023. Analysts said supplies are being diverted to the US, amid concerns that the Trump administration could impose additional tariffs on the metal, leading to a risk of domestic shortages.

Iron ore prices also rose 0.87% to nearly $100.8 a tonne, escaping their lowest level since mid-January. The main driver came from expectations that steel mills in northern China will resume production after the National People's Congress. Previously, these mills usually temporarily shut down to reduce air pollution, so the restart of production is supporting iron ore prices.

However, iron ore gains were limited by Beijing’s policy of cutting steel production. The tightening of US tariffs also made China’s steel export prospects more difficult, thereby slowing the recovery of iron ore.

Agricultural prices fall slightly after WASDE report

At the end of yesterday's trading session, the agricultural market recorded negative developments when 6 out of 7 commodities simultaneously decreased in price. In particular, soybean prices decreased by 0.27% to 371 USD/ton, extending the weakening trend to the third consecutive session. The market reacted cautiously after the March WASDE report, which was not much of a surprise.

Agricultural product price list

Soybean prices edged up slightly before the report was released but quickly reversed. This was mainly due to the US Department of Agriculture (USDA) maintaining its forecast for US ending inventories for the 2024-2025 crop year at 10.34 million tonnes, while lowering the expected average price to $365.50 per tonne from $371.20 previously, putting pressure on soybean prices.

In addition, the USDA also increased the current crop year’s global soybean crushing volume by 3 million tons, leading to a decline in global ending stocks to 121.41 million tons. However, this figure is still significantly higher than previous crop years (112.55 million tons in 2023-24 and 101.24 million tons in 2022-23), indicating that global supplies are still abundant and not enough to provide strong support for soybean prices.

Prices of some other goods