Gold, dollar and oil prices on the decline, rice and sugar continue to rise

Gold priceworld rose after the report related to the US economy was released. The USD also turned up. Meanwhile, oil prices continued to fall due to the decrease in demand.

At the end of the trading session on May 11, the buying price of 4-digit 9 gold bars at SJC Ho Chi Minh City was 66.65 million VND per tael and the selling price was 67.27 million VND per tael. The buying price of 4-digit 9 gold bars at SJC Hanoi was listed at 66.65 million VND per tael and the selling price was 67.25 million VND.

Doji Hanoi listed the price at 66.6 million VND per tael for buying and 67.2 million VND per tael for selling.

On the world market, the spot gold price on the night of May 11, Vietnam time, was at 2,027 USD per ounce. The futures gold price was traded at 2,028 USD per ounce.

World gold prices increased after the weekly US manufacturing and unemployment benefit reports were released.

Gold price on May 12: World price decreased, SJC gold increased to reach 67.25 million VND

The US producer price index rose 0.2% in April. The US weekly jobless claims report jumped to 264,000, compared to the expected increase of 245,000.

On the stock market, in the trading session on May 11, VN-Index decreased slightly. At the end of the trading session, VN-Index decreased by 1.14 points, down to 1,057.12 points. HNX-Index increased by 0.52 points, up to 214.41 points. UpCoM-Index increased by 0.29 points, up to 79.13 points.

Aboutdollar priceThe exchange rate of Vietnamese Dong against the US dollar was listed by the State Bank on May 11 at 23,632 VND per USD, an increase of 2 VND compared to the previous day.

The reference exchange rate at the State Bank of Vietnam is 23,450 VND for buying and 24,763 VND for selling. The USD price at commercial banks on May 11 was traded around 23,270 VND for buying and 23,640 VND for selling.

In the world, the price of the US dollar reversed to increase. The DXY index measuring the fluctuations of the US dollar against a basket of 6 major currencies at 22:02 on May 11, Vietnam time, reached 102.05 points, up 0.56% compared to the previous session.

Meanwhile,Gasoline priceThe world plunged. Analysts said that oil prices fell due to concerns about rising interest rates and falling oil demand. Brent crude oil prices fell to $75 per barrel and WTI crude oil prices were at $71 per barrel.

In the domestic market, the selling prices of gasoline and oil today are applied according to the prices at the management session on the afternoon of May 11 of the Ministry of Finance - Industry and Trade.

Specifically,Gasoline priceRON 95 decreased by VND1,320 per liter, selling price is VND21,000 per liter. E5 gasoline price decreased by VND1,300 per liter, down to VND20,130 per liter. Diesel price decreased by VND600 per liter, down to VND17,650 per liter. Kerosene price decreased by VND550 per liter, selling price is VND17,970 per liter.

Rice priceOn May 12, in the Mekong Delta region, the price of IR 504 rice was adjusted up by 100 VND/kg. Currently, IR 504 rice is being purchased by traders at 6,200 - 6,400 VND/kg.

Rice price increased by 100 VND/kg on May 12

For the remaining rice varieties, prices remained stable. Accordingly, at An Giang warehouse, OM 5451 rice is at 6,300 - 6,400 VND/kg; Dai Thom 8 rice is being purchased by traders at 6,600 - 6,800 VND/kg; OM 18 rice is being purchased by traders at 6,400 - 6,500 VND/kg; Nang Hoa 9 is 6,600 - 6,750 VND/kg; Nhat rice is 7,800 - 8,000 VND/kg; Long An dried sticky rice is 8,600 - 8,800 VND/kg, An Giang dried sticky rice fluctuates at 8,000 - 8,200 VND/kg and IR 504 dried rice remains at 6,500 VND/kg.

Regarding rice, the price of raw rice remained stable at VND9,850/kg, while the price of finished rice increased by VND100/kg to VND11,300/kg.

Regarding by-products, the price of by-products has been adjusted up with IR 504 sheet. Accordingly, the current price of IR 504 sheet is at 9,400 VND/kg, an increase of 100 VND/kg. Meanwhile, dry bran fluctuates around 7,350 - 7,450 VND/kg.

At the retail market, rice prices remained stable after the adjustment session. Accordingly, regular rice is 11,000 - 12,000 VND/kg; Jasmine fragrant rice is 14,000 - 15,000 VND/kg; Soc regular rice is 15,000 VND/kg; glutinous rice is 16,000 - 18,000 VND/kg; Nang Nhen rice is 22,000 VND/kg; Common white rice is 14,500 VND/kg; Nang Hoa is 18,500 VND/kg; Soc Thai is 18,000 VND/kg; Taiwanese fragrant rice is 20,000 VND/kg; Japanese rice is 22,000 VND/kg; Bran is 7,500 - 8,000 VND/kg; Long grain Thai fragrant rice remains at 18,000 - 19,000 VND/kg and Jasmine rice at 19,000 VND/kg.

According to traders, at the beginning of the week, the amount of raw rice imported was low, so the price of all types of rice tended to increase. The supply of Cambodian rice was low, so the price of rice remained high. Dry rice transactions were active, with high demand. The price of bran of all types depends largely on quality.

Sugar priceThe world suddenly set a record within 12 years, it is predicted that this Vietnamese product will start to "heat up" again.

Recently, oil producers are planning to raise oil prices by reducing oil production. In Brazil, their factories can either produce fuel ethanol or sugar. In that case, sugarcane used to produce fuel ethanol in Brazil will be more efficient than sugar. This leads to the risk or danger that Brazil will stop sugarcane and switch to sugar production. However, this is still at the "possible" level because the sugarcane crop in Brazil will only start this May.

Therefore, recent movements in world sugar prices are only due to hedge funds buying and selling short to create price increases, not actually due to supply and demand factors.

Sugar prices continue to rise

The Vietnamese market will also be affected to some extent because there is currently a large amount of smuggled sugar on the market, originating from Thailand. When international sugar prices increase, the price of smuggled sugar also increases, making the smuggled sugar business less profitable. In addition, in the past month, the authorities have been strictly controlling smuggled sugar. These factors have reduced the price of cheap domestic sugar. However, it has only been about 2-3 weeks that domestic sugar factories have started to sell sugar produced from sugarcane.

The sugarcane purchase price from factories to farmers has been high since the beginning of the season. For the past few months, factories have been “sitting on fire”, because the sugarcane purchase price is high but the sugar produced cannot be sold. If they sell at the previous price, they will lose money.

For three consecutive years, the price of sugarcane purchased from farmers has increased. Last year, the price of sugarcane was at a record high, and this year it has continued to increase, which means that the price of sugarcane is at a new record. Vietnam's sugarcane price is the highest in Asia.

Currently, domestic raw sugarcane prices are fluctuating from 850,000 - 1,150,000 VND/ton depending on the region, 20,000 VND/kg higher than last year's crop.