Rice exports hit record high, world crude oil continues to rise

Gold Heads for a Down Week

Closing session 4/8,gold price9999 pieces at SJC Ho Chi Minh City are 66.6 million VND/tael (buy) and 67.2 million VND/tael (sell). SJC Hanoi is listed at 66.6 million VND/tael (buy) and 67.22 million VND/tael (sell).

Doji Hanoi listed at 66.55 million VND/tael (buy) and 67.3 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.65 million VND/tael and sold at 67.15 million VND/tael.

On the world market, the spot gold price on Kitco floor on August 4 (at 9:00 p.m., Vietnam time) was trading at 1,942 USD/ounce.

Gold prices are holding at important resistance levels, amid a decline in the US labor market in July and inflationary pressures still present.

Analysts at ANZ said the Fed’s moves regarding its stance on interest rate adjustments in the coming time could limit the rise of gold. Gold is a safe investment asset chosen by many people during times of economic uncertainty and geopolitical tensions. However, high interest rates have a negative impact on gold.

Kelvin Wong, senior market analyst at financial brokerage Oanda, said the key short-term support level for gold is around $1,925 an ounce. If it falls below this level, gold could hit $1,895 an ounce.

World oil continues to rise

World oil prices continued to change on the morning of August 5 (Vietnam time). Following yesterday's increase, oil prices continued to increase at a fairly high level. Specifically: WTI crude oil prices increased by 1.88% to 83.08 USD, Brent oil prices increased by 1.63% to 86.53 USD/barrel.

In the meetingOrganization of the Petroleum Exporting Countries(OPEC) and its allies (OPEC+), the Committee supports the extension of the oil barrel 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 the countries' compliance. Additionally, it affirmed that the group's export quotas will remain unchanged.

The Committee also expressed its recognition and support for Saudi Arabia's efforts to support the stability of the oil market, appreciating Saudi Arabia's voluntary additional cut of 1 million barrels per day from July and extending it to September. In addition, Russia was also recognized by the Committee for voluntarily reducing its exports by an additional 300,000 barrels per day in September. Previously, Russia announced that it would cut its exports by 500,000 barrels per day in August, so Russia's total export cut in September will be up to 800,000 barrels per day.

Rice export prices hit record high

Rice priceOn August 5, 2023, the price of many rice varieties in the Mekong Delta region was adjusted up by 100 - 200 VND/kg. Accordingly, at 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 prices were at 6,800 - 7,000 VND/kg; Dai Thom 8 rice prices were at 6,900 - 7,100 VND/kg; Nhat rice prices were also stable at 7,800 - 8,000 VND/kg; Nang Nhen rice (dry) was at 13,000 VND/kg; OM 18 was at 6,900 - 7,100 VND/kg.

Regarding rice, the price of raw rice and finished rice products has also been adjusted up. Accordingly, IR 504 raw rice is at 12,000 VND/kg, up 600 VND/kg. Finished rice is at 14,100 VND/kg, up sharply 800 VND/kg.

According to traders, today there is a small supply of rice. Prices of all types of rice tend to increase. Rice prices have increased to an 11-year high due to concerns about food security after India banned rice exports. The summer-autumn rice market continues to fluctuate strongly. Prices of all types of rice tend to increase.

In the rice export market, Vietnam's export rice prices continued to increase sharply by 20 USD/ton. Specifically, 5% broken rice was traded at 618 USD/ton, up 20 USD/ton; 25% broken rice was at 598 USD/ton, up 20 USD/ton.

In the context of sharp increase in rice prices, people in the Mekong Delta region are accelerating the summer-autumn crop harvest and planting the autumn-winter crop.

According to the report on August 2 of the Ministry of Agriculture and Rural Development (MARD), this year the whole country is expected to cultivate 7.1 million hectares, with an average yield of 6.07 tons/ha and an output of over 43.1 million tons, an increase of 452,000 tons compared to 2022.

Pepper increased for 5 consecutive sessions

PricepepperOn August 5, 2023, the domestic market continued to increase by 500 - 1,000 VND/kg in key 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, Chu Se pepper price (Gia Lai) is being purchased by traders at 70,500 VND/kg, an increase of 500 VND/kg. Dak Lak pepper price today and Dak Nong pepper price are at 72,000 VND/kg, an increase of 500 VND/kg.

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

Thus, today's pepper price in the domestic market increased by 500 - 1,000 VND/kg. In the Central Highlands, pepper price increased by 500 VND/kg. In the Southeast, pepper price increased by 1,000 VND/kg. This is the fifth consecutive increase in the week. After the adjustment, domestic pepper price 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 been continuously increasing. Currently, pepper prices in all localities are above 70,000 VND/kg. In Ba Ria - Vung Tau, the highest price was recorded at 74,000 VND/kg. Many export enterprises said they have received contracts for the last months of the year.

Commenting on the reasons for market growth, experts said that after the somewhat gloomy export figures for June and July 2023, August will be more positive.