Commodity markets: Oil prices plummet, COMEX copper rises

The global commodity market slowed down after a series of 5 positive sessions, MXV-Index lost more than 0.2% to 2,279 points in the first trading session of the week (September 29).

Red dominates the energy commodity market. Source: MXV

According to the Vietnam Commodity Exchange (MXV), the energy market was in the red, as most key commodities fell sharply.

WTI crude oil prices fell nearly 3.5%, falling to $63.4/barrel, while Brent crude also fell more than 3% to $67.9/barrel. Positive signals about supply appeared over the weekend, stopping the previous four consecutive sessions of increase.

OPEC+ is likely to maintain its plan to increase production by 137,000 barrels per day in November, after a meeting of eight key member countries scheduled for October 5. This move is aimed at expanding market share and responding to pressure from the US to increase supply and cool oil prices.

Pressure on prices also came from Iraq - the world's second-largest crude oil producer, when the country announced it had resumed oil exports from the northern region to Turkey, after more than two and a half years of interruption.

The metal commodity market is dominated by green. Source: MXV

Contrary to the general trend in the commodity market, buying power continued to dominate the metal group when 8/10 items increased in price.

Notably, COMEX copper contract price jumped 2.53% to $10,785/ton - the highest level in the past two months.

According to MXV, the increase in copper prices was significantly supported by two main factors. Firstly, the USD index continued to weaken by 0.25% to 97.91 points, making USD-denominated commodities, including copper, more attractive to investors.

Second, the supply disruption at the Grasberg mine (Indonesia) - the world's second-largest copper mine - has not been resolved. After the incident earlier this month, Freeport Indonesia and the government decided to temporarily suspend mining to focus on rescue operations, putting global output under great pressure.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-gia-dau-lao-doc-dong-comex-tang-717813.html