Commodity Markets: Oil Prices Continue to Weaken

According to the Vietnam Commodity Exchange (MXV), at the end of the session, strong selling pressure in the energy market contributed to the MXV-Index extending its decline into the second session, stopping at 2,238 points...

Energy commodity markets weaken. Source: MXV

The energy market was covered in red, with WTI oil prices recording a decrease of up to 1.47%, falling to 66.21 USD/barrel, the lowest level in nearly three weeks. Brent oil prices also fell 0.9% yesterday, stopping at 68.59 USD/barrel.

The global oil market continues to face a wave of concerns about economic growth prospects, pushing energy demand to continue to weaken in the context of the upcoming deadline for the US government to apply reciprocal tariffs.

In addition, oil prices continue to be under pressure as the basic interest rate in the US remains high at 4.25-4.5%, according to the decision of the Federal Open Market Committee (FOMC) of the US Federal Reserve (FED). The FED is currently facing considerable pressure from the administration of US President Donald Trump, demanding that it soon take drastic interest rate cuts to support economic growth.

The metal commodity market is "bright green". Source: MXV

On the contrary, the metal market witnessed strong buying power when 8/10 items closed in green.

Notably, COMEX copper prices continued to extend their gains for the third consecutive session, rising nearly 1.5% to $12,613 per tonne and setting a new record high never before recorded.

This development reflects a strong stockpiling trend, as concerns about the risk of local supply shortages due to tightening US tariffs remain.

Earlier, US President Donald Trump announced a 50% tariff on imported copper on July 8, and the copper market immediately reacted strongly. Data from Kpler showed that immediately after this move, copper prices on the COMEX floor skyrocketed, causing the price gap with LME copper to immediately widen from 11% to 27%.

The psychology of hoarding refined copper is increasing rapidly in the US as the new tax rate is approaching, amid market concerns about the country's ability to self-supply in the near future.

Source: https://hanoimoi.vn/thi-truong-hang-hoa-gia-dau-tiep-tuc-suy-yeu-710090.html