Rice exports reach record high, world crude oil continues to rise.

Gold heads toward a week of declines.

At the close of trading on August 4th,gold priceAt SJC Ho Chi Minh City, the price of 9999 gold bars is 66.6 million VND/ounce (buying price) and 67.2 million VND/ounce (selling price). SJC Hanoi lists the price at 66.6 million VND/ounce (buying price) and 67.22 million VND/ounce (selling price).

Doji Hanoi listed gold at 66.55 million VND/ounce (buying price) and 67.3 million VND/ounce (selling price). Doji Ho Chi Minh City bought SJC gold at 66.65 million VND/ounce and sold it at 67.15 million VND/ounce.

On the global market, the spot gold price on the Kitco exchange on August 4th (at 9 PM Vietnam time) was trading at $1,942 per ounce.

Gold prices are holding at a key resistance level, amid a decline in the US labor market in July and continued inflationary pressures.

ANZ analysts say that the Fed's moves regarding its future interest rate adjustments could limit gold's upward momentum. Gold is a safe-haven investment chosen by many during periods of economic uncertainty and geopolitical tension. However, high interest rates negatively impact gold.

Kelvin Wong, senior market analyst at financial brokerage Oanda, believes that the key short-term support level for gold is around $1,925 per ounce. A drop below this level could see gold reach $1,895 per ounce.

World oil prices continue their upward trend.

World oil prices continued to fluctuate this morning, August 5th (Vietnam time). Following yesterday's upward trend, oil prices continued to rise at a fairly high rate. Specifically: WTI crude oil increased by 1.88%, to $83.08, and Brent crude oil increased by 1.63%, to $86.53 per barrel.

During the meetingOrganization of Petroleum Exporting Countries(OPEC) and its allies (OPEC+) supported extending oil production cuts by Saudi Arabia and Russia.

The Joint Ministerial Monitoring Committee (JMMC) reviewed the group's crude oil production data for May and June 2023 and noted compliance by the countries. Additionally, the body confirmed that the group's export quotas will remain unchanged.

The Commission also expressed its recognition and support for Saudi Arabia's efforts to support the stability of the oil market, commending Saudi Arabia's voluntary additional cut of 1 million barrels per day starting in July and extending it until September. In addition, Russia was also recognized by the Commission for voluntarily reducing exports by an additional 300,000 barrels per day in September. Previously, Russia had announced a cut of 500,000 barrels per day in August, bringing the total export reduction for Russia to 800,000 barrels per day.

Export rice prices have risen to a record high.

Rice pricesOn August 5, 2023, in the Mekong Delta region, rice prices increased by 100-200 VND/kg for many varieties. Accordingly, at the An Giang warehouse today, the price of OM 5451 rice increased by 100 VND/kg to 7,000-7,300 VND/kg; Nang Hoa 9 increased by 400 VND/kg to 7,200-7,600 VND/kg.

For the remaining varieties, prices remained stable. Specifically, IR 504 rice was priced at 6,800 - 7,000 VND/kg; Dai Thom 8 rice at 6,900 - 7,100 VND/kg; Japanese rice also remained stable at 7,800 - 8,000 VND/kg; Nang Nhen (dried) rice at 13,000 VND/kg; and OM 18 at 6,900 - 7,100 VND/kg.

Regarding rice, the prices of both raw and finished rice have also been adjusted upwards. Accordingly, IR 504 raw rice is priced at 12,000 VND/kg, an increase of 600 VND/kg. Finished rice is priced at 14,100 VND/kg, a sharp increase of 800 VND/kg.

According to traders, rice supplies are low today. Prices of all types of rice are trending upwards. Rice prices have risen to their highest level in 11 years due to concerns about food security after India banned rice exports. The summer-autumn rice market continues to experience significant fluctuations. Prices of all rice varieties are trending higher.

On the rice export market, the price of Vietnamese rice continued to rise sharply by $20/ton. Specifically, 5% broken rice traded at $618/ton, up $20/ton; 25% broken rice traded at $598/ton, also up $20/ton.

Amidst soaring rice prices, people in the Mekong Delta region are accelerating the harvesting of the summer-autumn crop and planting the autumn-winter crop.

According to a report dated August 2nd from the Ministry of Agriculture and Rural Development (MARD), it is projected that the whole country will plant 7.1 million hectares this year, with an average yield of 6.07 tons/ha, and a total production of over 43.1 million tons, an increase of 452,000 tons compared to 2022.

Pepper prices rose for the fifth consecutive session.

PricepepperOn August 5, 2023, domestic pepper prices continued to adjust upwards by 500-1,000 VND/kg in key producing regions. Accordingly, pepper prices in the Central Highlands provinces were purchased by traders at around 70,500-72,000 VND/kg, an increase of 500 VND/kg compared to yesterday.

Specifically, the price of pepper in Chu Se (Gia Lai) is currently being purchased by traders at 70,500 VND/kg, an increase of 500 VND/kg. The price of pepper in Dak Lak and Dak Nong today is 72,000 VND/kg, also an increase of 500 VND/kg.

In the Southeast region, pepper prices also increased by 1,000 VND/kg today. Currently, pepper prices in this area are being purchased at around 72,500 - 74,000 VND/kg, an increase of 1,000 VND/kg.

Thus, today's pepper prices in the domestic market have adjusted upwards by 500-1,000 VND/kg. In the Central Highlands, pepper prices increased by 500 VND/kg. In the Southeast region, pepper prices increased by 1,000 VND/kg. This is the fifth consecutive upward adjustment this week. After the adjustment, domestic pepper prices have increased by 3,000-4,000 VND/kg compared to the end of last week.

Since the beginning of August 2023, the domestic pepper market has seen continuous price increases. Currently, pepper prices in all localities are above 70,000 VND/kg. Ba Ria – Vung Tau recorded the highest price at 74,000 VND/kg. Many export businesses have reported receiving contracts for the remaining months of the year.

Regarding the reasons for market growth, experts say that after the somewhat lackluster export figures in June and July 2023, August will be more promising.