Gold reaches year-high; Domestic steel prices to rise 6%.
(Baonghean.vn) - Gold prices reach their highest level since the beginning of 2024; Crude oil prices rise at the end of the week; Domestic steel prices are expected to increase by 6% compared to 2023; Domestic coffee prices continue to climb to new highs – these are some of the market updates this morning (March 2nd).
Gold hits first high of the year.
Gold priceToday (March 2nd), world gold prices surged to nearly 80 million VND after a further increase of 300,000 VND per tael, reaching a record high for the first time in 2024.
According to a survey conducted at 5:00 AM on March 2nd, the gold prices on the exchanges of several companies are as follows:
Today, DOJI lists the price of 9999 gold at 77.75 million VND/ounce for buying and 79.75 million VND/ounce for selling.
Mi Hong Gold and Gemstone Company surveyed and listed the price of SJC gold at 78.30 - 79.30 million VND/ounce (buying price - selling price).
At Bao Tin Minh Chau Co., Ltd., the price of SJC gold is also being traded at 78.10 - 79.75 million VND/ounce (buying price - selling price).
According to Kitco, the spot price of gold in the world market at 5:00 AM Vietnam time today was $2,084.375 USD/ounce, a difference of $40.445 USD/ounce compared to yesterday's price. Converted using the current exchange rate at Vietcombank, the world gold price is approximately VND 61.205 million/ounce (excluding taxes and fees). Therefore, the price of SJC gold bars is still VND 16.595 million/ounce higher than the international gold price.
Gold started March on a positive note, with prices rising to a two-month high in today's trading session after weaker economic data bolstered expectations of a US interest rate cut in June.
Crude oil rose at the end of the week.
According to data from Oilprice, at 8:24 PM on March 1st (Vietnam time),oil pricesBrent crude was trading at $83.2 per barrel, up $1.29, or 1.57%, from the previous session. WTI crude was at $79.6 per barrel, up $1.34, or 1.71%, from the previous session.
Oil prices rose amid speculation that the Organization of Petroleum Exporting Countries and its allies (OPEC+) will continue to cut production in the second quarter of 2024.
Analysts at ANZ Bank said that, with the demand outlook remaining uncertain, OPEC will extend the current supply agreement until the end of the second quarter of 2024.
A Reuters survey shows that OPEC pumped 26.42 million barrels of oil per day in February 2024, an increase of 90,000 barrels per day compared to the previous month.
Sources indicate that the decision to extend production cuts is expected to take place in the first week of March 2024. Each country will announce its own decision.
Concerns about OPEC+ extending production cuts could help keep oil prices high.
Domestic steel production is expected to increase by 6% compared to 2023.
Steel pricesToday (March 2nd), the price of crude oil on the Shanghai Futures Exchange fell by 13 yuan/ton.
The most actively traded May iron ore contract on China's Dalian Commodity Exchange (DCE) closed 0.17% lower at 892 yuan/tonne ($124.00/tonne).
The benchmark SZZFH4 iron ore futures contract for March delivery on the Singapore Exchange (SGX) rose 0.46% to $116.55 per ton.
The domestic steel market today sees domestic steel purchase prices remaining stable. However, according to a report by MBS Research, domestic construction steel prices in 2024 are projected to increase by 6% compared to 2023, reaching an average of 15 million VND/ton. Currently, the price difference between Vietnamese and Chinese steel is 30 USD/ton (lower than the average of 50 USD over the past two years). This helps domestic steel avoid downward price pressure from China.
Domestic coffee prices continue to climb to new highs.
Domestic coffee prices, updated at 5:36 AM on March 2nd, continued to climb, increasing by 1,300 VND/kg. Currently, the average purchase price in the Central Highlands provinces is 84,500 VND/kg, with the highest prices in Dak Nong and Dak Lak provinces at 84,700 VND/kg.
Specifically, coffee purchasing prices in Gia Lai and Kon Tum provinces were relatively high at 84,500 VND/kg; in Dak Nong province, the highest price was 84,700 VND/kg.
In Lam Dong province, in districts such as Bao Loc, Di Linh, and Lam Ha, the price of bulk green coffee beans (green coffee beans, fresh green coffee beans) is being purchased at 84,000 VND/kg.
In Dak Lak province, the purchase price ranges from 84,600 VND/kg to 84,700 VND/kg.
