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Commodity markets rebound after Christmas holiday

by VNA28 December 2022 Last updated at 19:31 PM

WTI crude oil fell by a slight 0.04% while Brent rose 0.21%.
WTI crude oil fell by a slight 0.04% while Brent rose 0.21%.

VTV.vn - Global commodity prices witnessed marked fluctuations on December 27 after the Christmas holiday, according to the Mercantile Exchange of Vietnam (MXV).

The MXV-Index increased 0.77% to 2,450 points, supported by strong purchases, and the total transaction value of the whole exchange remained above 2.4 trillion VND (101.7 million USD).

Oil prices saw little change after the holiday, reflecting investors’ hesitance upon a series of news about supply and demand. WTI crude oil fell by a slight 0.04% to 79.53 USD a barrel while Brent rose 0.21% to 84.68 USD a barrel.

Natural gas prices rose 2.77% as the demand for heating has remained high while supply is still suffering serious disruption due to frozen pipelines.

In the agricultural commodity market, corn prices ended the first trading day after the holiday up nearly 1%. Wheat prices also rebound but with a smaller increase.

Soybean oil continued to be the commodity with the strongest rise in yesterday’s trading session. The projected reduction in palm oil stocks in Malaysia and Indonesia was the main factor that supported the vegetable oil group.

In contrast, soybean prices fell slightly due to the falling demand for animal feed in China.

In the domestic market, agricultural commodity prices at Cai Lan Port remained unchanged from last week, with soybean prices hovering at 14,700 VND per kilogramme for delivery in early next year.

American corn prices were also maintained at 8,500 VND per kilogramme. According to the MXV, the prices of animal feed materials are showing signs of a new upward trend.

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