MXV-Index ends 4-week consecutive increase

According to the Vietnam Commodity Exchange (MXV), strong selling pressure in the industrial raw material group, especially two coffee products, has ended the 4-week consecutive increase of the MXV-Index.

At the end of last week (from September 1 to 7), this index decreased by 1.22% to 2,210 points.

Red dominates the market of industrial raw materials. Source: MXV

According to MXV, the industrial raw material group attracted attention when the prices of two coffee products simultaneously fell sharply last week. Of which, Robusta coffee prices fell in 4/5 sessions, Arabica coffee prices fell in 2/5 sessions.

At the end of the week, Arabica futures for December delivery lost 3.22% to $8,237/ton, while Robusta futures for November delivery plunged 10.5% to $4,309/ton - the sharpest decline in many months.

MXV believes that profit-taking pressure after the hot increase since August dragged the market down. Supply pressure increased as Brazil harvested nearly 95% of the area by the end of August. Meanwhile, domestically, the new crop in the Central Highlands is forecast to yield higher yields thanks to good prices and favorable weather.

In the domestic market, the price of green coffee beans from the Central Highlands on September 7 was around 112,000-113,300 VND/kg, a sharp decrease compared to 121,700-122,600 VND/kg last week.

Oil prices fell sharply last week due to excess supply. Source: MXV

The crude oil market last week witnessed the return of the prospect of oversupply, causing Brent oil prices to fall 2.93% to 65.5 USD/barrel, the lowest level since early June; WTI oil prices fell 3.34% to 61.87 USD/barrel, the lowest level since late May.

According to MXV, oil prices fell due to information surrounding the increase in production in October of OPEC+ countries.

In addition, data in the weekly report of the American Petroleum Institute (API) and the US Energy Information Administration (EIA) showed that commercial crude oil reserves in the US increased by about 622,000 barrels to more than 2.4 million barrels, also putting great pressure on world oil prices.

Along with that, information on most of the indicators in August in the US, including job opportunities, non- agricultural employment changes or non-agricultural payrolls... were all lower than previous forecasts.

Also weighing on oil prices was the increase in global geopolitical tensions over the past week.

Source: https://hanoimoi.vn/mxv-index-cham-dut-da-tang-4-tuan-lien-tiep-715417.html