Crude oil and cocoa prices both rose

Crude oil prices jumped as much as 2% at one point amid escalating tensions in the Middle East, while cocoa prices also rose 2.2% due to concerns about supply shortages in West Africa.

The MXV-Index closed the session on September 9 up 0.13% to 2,228 points.

According to the Vietnam Commodity Exchange (MXV), the MXV-Index closed yesterday's session up 0.13% to 2,228 points. Notably, crude oil prices at one point jumped up to 2% amid escalating tensions in the Middle East.

According to MXV, the energy market in yesterday's trading session recorded overwhelming buying power, when all 5 commodities in the group increased in price. Of which, Brent oil price closed up 0.56%, to 66.39 USD/barrel; WTI oil price also increased 0.59%, reaching 62.63 USD/barrel.

Tensions in the Middle East have sent oil prices soaring.

After tensions suddenly broke out in the Middle East, world oil prices jumped sharply - at one point exceeding 2%. However, the situation quickly calmed down, causing the oil price's increase to narrow significantly towards the end of the session.

In addition, world oil prices also received support from expectations that the US Federal Reserve (FED) will decide to cut interest rates in September. This expectation was further reinforced after new, not-so-positive information about the labor market of the world's largest economy .

Not outside the general market trend, the industrial raw material group continued to maintain positive purchasing power on a number of key commodities. In particular, cocoa prices increased by more than 2.2%, reaching 7,395 USD/ton. According to MXV, tight supply is a factor supporting cocoa prices.

Supply pressure supports cocoa prices.

Cocoa supply figures from Ivory Coast show that cocoa arrivals in the week ending September 7 were just 7,000 tonnes, down from 9,000 tonnes the previous week and 12,000 tonnes in the same period last year. Year-to-date, cocoa arrivals totaled 1.68 million tonnes, down 2.32% from 1.72 million tonnes in the same period last year, and the lowest in at least six years.

Meanwhile, Ghana, the world’s second-largest cocoa producer, is facing its weakest crop in more than two decades, with production estimated at just 530,000 tonnes in 2024-25 due to disease and aging cocoa trees that have reduced yield.

Meanwhile, traders are keeping an eye on supplies from the new crop. According to Reuters, cool and cloudy weather in August has led to pod rot in cocoa growing areas, while coastal and southern regions have lacked sunshine to dry the newly harvested beans.

Source: https://hanoimoi.vn/gia-dau-tho-va-ca-cao-cung-bat-tang-715610.html