Green color spreads in the raw material market

Green returned and spread across the world's raw material market, with oil prices recovering, approaching the 70 USD/barrel mark.

According to the Vietnam Commodity Exchange (MXV), at closing time, the MXV-Index inched up 0.3% to 2,227 points.

Green covers the energy commodity market. Source: MXV

At the end of yesterday's session, green covered most items in the energy group.

Of which, WTI oil price recorded an increase of up to 1.75%, stopping at 67.54 USD/barrel, Brent oil price also approached the threshold of 70 USD/barrel, climbing to 69.52 USD/barrel, corresponding to an increase of about 1.46%.

The main reason for the sharp increase in oil prices is the fear of supply disruption in Iraq - the country with the second largest crude oil production in the OPEC group.

Regional tensions continue to escalate following a series of Israeli airstrikes targeting the Syrian capital Damascus in recent days.

The situation in the Gaza Strip as well as the risk of maritime insecurity in the Red Sea increases the risk pressure on international trade flows.

Buying power dominates the metal commodity market. Source: MXV

In the metal market, buying power was overwhelming with 8/10 items in the group increasing in price simultaneously.

Of which, platinum price continued to increase by 2.6% to 1,472 USD/ounce, the highest level in more than 11 years.

The global platinum market continues to face a serious supply-demand imbalance, with the deficit expected to last for the third consecutive year, a key factor supporting the price of this precious metal in recent times.

Meanwhile, according to the World Platinum Investment Council (WPIC), demand for platinum jewelry in China this year is forecast to increase by 15% to 474,000 ounces.

In fact, platinum jewelry production output in this market in the first quarter jumped 26% compared to the same period last year.

On the supply side, total platinum production in 2025 is expected to fall 4% to around 7 million ounces, the lowest level in the past five years, due to falling mining output in key producing regions.

Source: https://hanoimoi.vn/sac-xanh-lan-toa-tren-thi-truong-hang-hoa-nguyen-lieu-709458.html