Commodity market: Mixed rubber prices, strong platinum increase

The world raw material market was relatively quiet on the US Labor Day holiday (September 1). At the close, the MXV-Index increased slightly by 0.06% to 2,238 points.

The MXV-Index increased slightly by 0.06% to 2,238 points on September 1. Source: MXV

Most industrial raw materials are temporarily suspended due to the US market holiday. Some unlisted commodities are still traded but with low liquidity.

The rubber market alone recorded mixed developments, with RSS3 rubber prices on the Osaka exchange falling sharply by nearly 3% to 2,127 USD/ton, while TSR20 rubber on the Singapore exchange edged up 0.29% to around 1,744 USD/ton.

According to the Vietnam Commodity Exchange (MXV), although key producing countries in Southeast Asia such as Thailand, Indonesia and Malaysia have entered the new crop season, rubber output has decreased due to many unfavorable factors.

In addition, the latest data shows that auto production and consumption in China maintained double-digit growth for three consecutive months, while the auto market in Europe and the US also recorded many signs of recovery, prompting tire manufacturers to actively increase purchases of raw materials.

In the metal market, the price chart is mixed with green and red. Notably, the price of platinum continued to climb for the third consecutive session, increasing 3.87% to 1,423 USD/ounce - the highest level in a month.

According to MXV, two key factors are the expectation that the US Federal Reserve (FED) will soon lower interest rates and the risk of a global supply deficit that have supported the price of this commodity.

The probability of a 25 basis point cut at the Fed’s next meeting has risen to 89.6%, according to the CME FEDWatch tool. Lower interest rates typically put downward pressure on the dollar, making dollar-denominated platinum more attractive to investors.

The World Platinum Association forecasts a market deficit of about 966,000 ounces in 2025, equivalent to more than 12% of global demand - a factor that could continue to support prices in the short term.

Platinum prices could maintain their upward momentum in the coming sessions with the nearest resistance zone around $1,450/ounce.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-gia-cao-su-trai-chieu-bach-kim-tang-manh-714891.html