Commodity markets: Silver prices rise, energy weakens

The world raw material market is relatively volatile, with silver prices rising and energy prices weakening.

The Vietnam Commodity Exchange (MXV) said that at closing, the MXV-Index increased slightly by 0.06% to 2,240 points.

The metal commodity market is green. Source: MXV

According to MXV, the precious metals market closed the session on September 11 with positive developments, in which silver increased 1.32% to 42.15 USD/ounce, extending the streak of two consecutive increasing sessions.

The short-term momentum mainly comes from expectations that the US Federal Reserve (FED) will soon start a rate cutting cycle, after many new economic data sent signals of cooling.

In addition, the depreciation of the greenback has pushed money to USD-denominated assets, with silver becoming more prominent thanks to its price still being much lower than gold. This is a factor that directly contributes to increasing the attractiveness and strengthening the price increase of silver during the session.

In the Vietnamese market, on the morning of September 12, the price of 999 silver continued to decrease slightly following the developments of the international market, with a decrease of about 0.4% compared to the previous day.

Recorded in Hanoi , the silver price was listed at 1.309 million VND/tael for buying and 1.342 million VND/tael for selling. Meanwhile, in Ho Chi Minh City, the price of 999 silver fluctuated from 1.311 million VND/tael (buying) to 1.348 million VND/tael (selling).

Red covers the energy commodity market. Source: MXV

On the other hand, the entire energy group was covered in red when all 5 commodities turned to decrease in price. Of which, Brent crude oil price lost 1.66% to 66.37 USD/barrel; WTI oil price plunged 2.04% to 62.37 USD/barrel.

According to the September report released by the International Energy Agency (IEA), global crude oil production is forecast to increase to 105.8 million barrels per day in 2025 and reach 107.9 million barrels per day in 2026, after reaching a record 106.9 million barrels per day in August thanks to increased production from the OPEC+ group.

Meanwhile, global oil demand is still forecast to increase, but the increase is not commensurate with the speed of supply expansion, making the risk of prolonged oversupply more obvious.

In addition, US commercial crude oil inventories also recorded a second consecutive week of increase, according to data from the Energy Information Administration (EIA), showing that domestic supplies continue to be surplus.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-gia-bac-di-len-nang-luong-dong-loat-suy-yeu-715810.html