Energy leads, MXV-Index extends its increasing streak to the 4th session

(Chinhphu.vn) - According to the Vietnam Commodity Exchange (MXV), the energy group became the focus in yesterday's trading session, playing a leading role in the increase of the entire raw material market. This was also an important driving force that pushed the MXV-Index up 0.3% to 2,229 points.

Brent oil price approaches 69 USD/barrel

According to MXV, the energy group witnessed the dominant buying power when the prices of many key commodities increased sharply. In particular, the focus of attention was on two crude oil products. Specifically, Brent oil price recorded an increase of about 1.58%, to 68.8 USD/barrel; while WTI oil price stopped at 64.8 USD/barrel, corresponding to an increase of about 1.79%.

Over the weekend, US President Donald Trump continued to assert that he would impose sanctions on Russia if there was no new progress towards a peace agreement within the next two weeks. At the same time, he also increased pressure on India - the world's second-largest crude oil importer - to change its supply from Russia.

According to Phil Flynn, senior analyst at Price Futures Group, investors believe that peace negotiations are still taking longer than expected. In addition, small-scale attacks have disrupted oil supplies from Russia to Slovakia and Hungary, further reinforcing concerns about the risk of further escalation of geopolitical tensions in Eastern Europe. However, US Vice President JD Vance still expressed optimism about the progress of negotiations between Russia and Ukraine.

Another notable point in the market is the increasing expectation that the US Federal Reserve will decide to cut interest rates after its meeting in September. After the latest comments from Fed Chairman Jerome Powell, the probability of this move has increased to 85.2%, according to data from the CME FedWatch tracking tool.

On the other hand, forecasts surrounding OPEC+ production levels are creating a drag on oil prices. According to the plan, OPEC+ countries will hold a meeting on September 7, in the context of many market opinions that the group may continue to increase production from next October.

In another development, natural gas prices in the US market have not been able to recover after losing more than 4.5% of their value in the trading session on August 22. Trading on the NYMEX continued to maintain at 2.7 USD/MMBtu, down slightly by 0.07%. Gas consumption demand of power plants in the US has not improved significantly, due to forecasts of cool weather that will reduce people's demand for electricity.

Iron ore prices reverse sharply amid risks of supply disruption

According to MXV, yesterday's trading session recorded a clear divergence when the precious metal group was under strong selling pressure, while most base metals maintained a positive trend. The focus was on iron ore, when the September futures contract price on the Singapore exchange reversed and increased by 2.65% to 103.26 USD/ton, erasing the previous decline thanks to unexpected information from the supply source.

Over the weekend, leading mining group Rio Tinto announced the suspension of all operations at the SimFer mine at its Simandou iron ore project in Guinea after a serious incident that killed a worker. The Simandou Mountains in southeastern Guinea, known for its high-quality iron ore reserves of up to 1.5 billion tonnes, are expected to be a strategic source to help reduce the carbon intensity of global steel production. The mine is planned to reach a capacity of 60 million tonnes per year by 2028, with the first shipment scheduled for November this year. The recent incident increases the risk of delays to export plans, further tightening short-term supply.

In China – the world's largest iron ore consumer, steel export figures in July continued to be positive, reaching 11.4 million tons, up 5.2% compared to June and nearly 40% compared to the same period in 2024. In the first 7 months, China's steel exports increased by more than 20% to 75.5 million tons.

Domestically, construction steel prices have rebounded after three consecutive downward adjustments. CB240 coil steel is currently at VND13.3 million/ton, D10 CB300 rebar is at VND12.99 million/ton. However, data from the Vietnam Customs Department shows that in the first half of August, steel exports fell sharply by 41% compared to the second half of July, to 280,909 tons; while imports increased by 3.6%, reaching 671,230 tons. This reflects improving domestic demand, but exports are under competitive pressure from abundant supply from China.

Source: https://baochinhphu.vn/nang-luong-dan-dat-mxv-index-noi-dai-chuoi-tang-sang-phien-thu-4-102250826091831681.htm