Commodity market: Crude oil prices fall, metals attract cash flow

The Vietnam Commodity Exchange (MXV) said that at the end of the trading session, the MXV-Index decreased by 0.7% to 2,276 points, reflecting a cautious sentiment but still selectively choosing profit opportunities.

4/5 energy group products decreased in price. Source: MXV

According to MXV, the energy market witnessed red covering most of the key commodities in the group. In particular, Brent oil price returned to 65.22 USD/barrel, corresponding to a decrease of 1.55%; while WTI oil price also recorded a decrease of about 1.66%, falling to 61.51 USD/barrel.

The world oil market was positively affected yesterday when the tension in the Middle East gradually cooled down, increasing expectations about ensuring security and stabilizing supply from the Middle East region.

This further reinforces the oversupply outlook that many major organizations have forecast for the rest of the year, putting significant pressure on world oil prices.

The energy market is covered in red, capital flows are looking for opportunities in commodities that are less under pressure from oversupply, cautious but not pessimistic sentiment makes investors turn to base metals.

Green dominates the metal market. Source: MXV

At the close of trading, all seven base metal commodities increased in price, including iron ore. Specifically, the November iron ore futures contract increased by 0.7% to nearly 104.9 USD/ton, thanks to additional inventory buying from Chinese steel mills right after the National Day holiday.

In Vietnam, the domestic steel market has maintained a stable pace. Construction steel prices are generally around VND13-13.5 million/ton, while exports in September reached more than 773,000 tons, up 18% over the previous month. Amid global fluctuations, the Vietnamese steel industry is showing increasingly steadfast resistance.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-gia-dau-tho-giam-kim-loai-hap-dan-dong-tien-719096.html