World oil prices increase; steel industry stocks increase sharply; prices of key agricultural products increase and decrease insignificantly
(Baonghean.vn) - Industrial and construction materials such as gasoline, oil, and gas maintained a slight increase due to fluctuations in the world market. Meanwhile, domestically, key agricultural products such as rice, pepper, and coffee tended to decrease slightly in price.
World oil and gas prices increased thanks to OPEC+'s commitment to cut production.
World oil prices on the morning of June 8 (Vietnam time) were as follows: WTI crude oil price increased by 0.42 USD, to 72.64 USD/barrel, while Brent oil price increased by 0.84 USD, to 77.39 USD/barrel.
Oil prices edged higher as Saudi Arabia pledged deeper production cuts over the weekend, outweighing weak Chinese export data and news of rising US fuel inventories.
Both benchmarks rose more than $1 earlier in the week following Saudi Arabia's decision to cut output by 1 million barrels per day (bpd) to 9 million bpd in July 2023.
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Illustration photo. |
Production cuts by the group known as OPEC+ will slightly reduce global oil inventories in each of the coming quarters and boost global oil prices in late 2023 and early 2024, the agency predicted in its Short-Term Energy Outlook.
“As things stand, the oil market is on the cusp of a major deficit,” said Stephen Brennock of PVM Oil. “Additional cuts are expected to deepen the market deficit to more than 3 million barrels per day in July.”
Prices fell earlier in the session due to weak Chinese economic data and rising US fuel inventories.
China's exports fell much faster than expected in May and imports fell, albeit at a slower pace, as manufacturers struggled to find demand abroad and domestic consumption remained sluggish.
Steel industry stocks increase rapidly, some codes increase 170% in value
Along with the 8th consecutive session of price reduction in domestic steel, steel industry stocks have recorded a strong increase over the past month.
Specifically, at the end of the morning session on June 7, 1,560 billion VND was traded in the group of resource stocks; codes such as HPG (Hoa Phat Group), HSG (Hoa Sen Group) both increased by over 3% with liquidity of 39 and 21 million shares respectively (ranking in the Top 3 liquidity on the HOSE floor). 2 codes VGS (Viet Duc Steel) and POM (Pomina Steel) were pulled up to the ceiling price; NKG, TVN, TLH increased by 2.4%, 6.5% and 3.8%.
Although not the focus of the stock market in the past month, many small and medium steel stocks have quietly increased in price from 20 - 40%, of which VGS increased by 41.6% to 17,700 VND/share, POM increased by 42.2% to 6,600 VND, TVN increased by 29.4%, TLH increased by 29.1%. Large stocks increased more slowly such as NKG increased by 15.5%, HSG increased by 7%, HPG increased by 4.2%.
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Steel prices fall, steel industry stocks rise sharply. |
Pepper prices continue to decrease by 500 VND/kg in key growing areas.
On June 8, in the domestic market, pepper prices continued to decrease by 500 VND/kg. Currently, pepper prices in key regions fluctuate around 70,000 - 73,000 VND/kg.
Accordingly, in the Central Highlands region, pepper prices today fluctuate around 70,000 - 71,500 VND/kg. Specifically, Chu Se pepper price (Gia Lai) on June 8 is being purchased by traders at 70,000 VND/kg, down 500 VND/kg. In Dak Lak and Dak Nong provinces, pepper prices remain around 71,500 VND/kg, down 500 VND/kg.
Similarly, in the Southeast region, pepper prices today also decreased by 500 VND/kg. In Ba Ria Vung Tau, pepper prices are being purchased by traders at 73,000 VND/kg, down 500 VND/kg. In Binh Phuoc, pepper prices are at 72,500 VND/kg, down 500 VND/kg; Dong Nai 71,500 VND/kg, down 500 VND/kg.
Pepper prices in the domestic market continued to decline today. This is the third consecutive decline this week. After three adjustment sessions, domestic pepper prices have lost 2,000 VND/kg compared to the end of last week.
Recently, the domestic pepper market has had positive developments when it continuously increased from 66,000 VND/kg to 76,000 VND/kg at the end of May, and decreased slightly again in early June 2023.
In the world market, at the end of the most recent trading session, the International Pepper Community (IPC) listed an increase in prices for Indonesian pepper. Accordingly, the price of Lampung black pepper in Indonesia increased slightly by 0.34% to 3,775 USD/ton. Meanwhile, the price of Muntok white pepper in this country increased by 0.34% to 6,234 USD/ton.
In the remaining countries, pepper prices remained stable. Specifically, the price of Kuching ASTA black pepper from Malaysia remained stable at 4,900 USD/ton; while the price of ASTA white pepper from this country remained at 7,300 USD/ton.
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Pepper continues to decline. |
Coffee increased slightly by 100 VND/kg
The domestic coffee market today (June 8) in the Central Highlands provinces increased slightly by 100 VND/kg, currently approaching 62,000 VND/kg.
Specifically, the price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province, in districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at a price of 61,200 - 61,300 VND/kg.
Coffee prices in Gia Lai and Kon Tum provinces stood at 61,600 VND/kg.
In Dak Nong province, coffee is purchased at a high price of 61,900 VND/kg.
Today's coffee price in Dak Lak province, in Cu M'gar district is currently at 61,700 VND/kg. In Ea H'leo district, Buon Ho town, it is purchased at the same price of 61,800 VND/kg.
Regarding world coffee prices, coffee prices on the two floors continued to have opposite trends.
At the end of the latest trading session, Robusta coffee prices on the ICE Europe – London exchange continued to increase. The July spot futures increased by 7 USD to 2,614 USD/ton and the September futures increased by 9 USD to 2,583 USD/ton, both slight increases.
On the contrary, Arabica coffee prices on the ICE US – New York exchange decreased. The July spot futures decreased by 0.50 cents to 182.60 cents/lb and the September futures decreased by 0.65 cents to 179.55 cents/lb, both slight decreases. Trading volume remained high.