COMEX copper prices skyrocket, agricultural market on fire

According to the Vietnam Commodity Exchange (MXV), the tug-of-war sentiment continued in the world raw material market last week.

The metal commodity market is mixed with green and red. Source: MXV

At the end of the week, the dominant buying power supported the MXV-Index to increase by 0.3% compared to the previous week, reaching 2,229 points. Green and red colors intertwined on the price list of metal products. At the end of the week, COMEX copper price recorded an increase of nearly 11%, reaching 12,356 USD/ton. Meanwhile, LME copper price lost more than 2%, falling to 9,661 USD/ton.

Since late February, there has been a strong wave of hoarding in the US. COMEX copper prices have set many increasing streaks and record highs. Most recently, on July 9, Mr. Trump unexpectedly announced that he would impose a 50% tax on all imported copper from August 1, making copper prices even more expensive. The US imports nearly half of the copper it consumes.

In Vietnam, according to data from the International Trade Center (ITC), in 2024, copper exports to the US included about 14.7 tons of scrap and 42.8 tons of refined copper, showing that the level of dependence on the US market is insignificant.

Therefore, the high tax rate that the US has just announced will most likely not significantly affect Vietnam's copper export activities in the near future.

Agricultural commodity market weakens. Source: MXV

In the agricultural market, selling pressure also overwhelmed when all 7 products in the group simultaneously weakened.

Of which, corn prices fell by 5.7% to $155.9/ton. According to MXV, the prospect of abundant supply while the impacts of tariff policies have caused market demand to remain unstable, causing prices of this commodity to fall sharply.

According to data from AgRural, as of July 3, Brazil had completed harvesting 28% of its second corn crop, up 10% from the previous week. Brazil's second corn crop production is forecast by many organizations to reach a record level, ranging from 131 to 133 million tons. Brazil's second corn supply is expected to begin hitting the market in September.

Source: https://hanoimoi.vn/gia-dong-comex-tang-vot-thi-truong-nong-san-do-lua-709030.html