Gold hits 3-week high, rice could set new price record, steel falls for 14th time

Gold prices hit 3-week high

Gold priceToday, July 16, the world market increased to 1,950 USD/ounce, the highest level in 3 weeks. The difference between domestic and world SJC gold prices is about 10.5 million VND/tael.

At the end of the trading session on July 15, the price of 9999 gold bars in Ho Chi Minh City was 66.5 million VND/tael (buy) and 67.2 million VND/tael (sell). SJC Hanoi listed at 66.5 million VND/tael (buy) and 67.22 million VND/tael (sell).

Doji Hanoi listed at 66.7 million VND/tael (buy) and 67.35 million VND/tael (sell). Doji Ho Chi Minh City bought SJC gold at 66.7 million VND/tael and sold at 67.2 million VND/tael.

Many investors believe that the Fed will likely continue to raise the basic interest rate by 0.25 percentage points at its meeting on July 25-26, even though data shows that inflation has cooled down.

The market has largely priced in a Fed rate hike at its July meeting, said Harshal Barot, senior consultant at brokerage Metals Focus.

Weakening inflation and expectations of lower interest rates have boosted gold, with another catalyst giving it a good chance of pushing it to $2,000 an ounce, according to Daniel Pavilonis, chief market strategist at RJO Futures.

During the week, pepper price decreased by 500 VND/kg.

Pepper priceToday, July 16, 2023, the domestic market continues to move sideways. Accordingly, in the Central Highlands region, pepper prices are purchased by traders around 67,000 - 68,000 VND/kg.

Thus, today's pepper price in the domestic market continues to move sideways. But last week, domestic pepper price decreased by 500 VND/kg.

At this time, domestic pepper prices have increased by more than 10,000 VND/kg compared to the beginning of the season. However, according to feedback on pepper farmers' forums, they have hardly benefited. Because after many years of losses, farmers have run out of capital, so after this year's harvest, they sell everything to traders instead of storing it to wait for higher prices like many years ago.

In the world market, according to the International Pepper Association (IPC) update, at the end of the most recent trading session, the price of Lampung black pepper (Indonesia) closed at 3,740 USD/ton; the price of Muntok white pepper was 6,474 USD/ton. The price of Brazilian black pepper ASTA 570 was at 3,050 USD/ton; the price of Kuching black pepper (Malaysia) ASTA remained at 4,900 USD/ton; the price of Malaysian white pepper ASTA remained at 7,300 USD/ton.

Vietnam black pepper price is traded at 3,500 USD/ton for 500 g/l, 3,600 USD/ton for 550 g/l; white pepper price is at 5,000 USD/ton.

Rice export prices could set a new record by the end of 2023

July 16, onexport market, export rice prices remained stable compared to the previous session. Specifically, 5% broken rice was traded at 513 USD/ton; 25% broken rice was at 493 USD/ton and Jasmine rice was stable at 578 USD/ton.

According to businesses, rice export prices have skyrocketed recently due to supply disruptions. Countries fearing drought are buying rice to stockpile.

Last year, India also bannedrice exportto ensure domestic food security; causing world rice prices to increase sharply, including Vietnam's rice export prices.

In addition to the traditional market of the Philippines, which buys 2.5-3.1 million tons of Vietnamese rice each year, businesses have recently received many contracts from China and Indonesia. Some countries in South Africa are returning to buy Vietnamese rice, causing the price of this commodity to skyrocket.

From late 2023 to early 2024, Vietnamese rice could set a new record for export prices. However, the extent of the price increase depends on major rice exporting countries such as India and Thailand. Therefore, businesses need to consider carefully before signing contracts to get the best selling price.

Steeldomestic decreasepriceth time14

After 13 declines, the domestic market continues to adjust downward.steel price14th time.

Since the beginning of the year, construction steel prices have decreased 14 times in a row. Currently, CB240 steel is at 13.74 - 14.48 million VND/ton; while D10 CB300 is around 14.06 - 15.1 million VND/ton.

According to data from the Vietnam Steel Association (VSA), construction steel production in June reached 738,196 tons, down 9% compared to the previous month and down 20% compared to June 2022. Sales volume reached 874,441 tons, down 6% compared to the previous month and down 14% compared to the same period in 2022; of which, construction steel exports reached 149,623 tons, down 21.5%.

Steel prices in the Central market today, July 16, are sold at: Hoa Phat Steel, with CB240 coil steel stable at 13,840 VND/kg; D10 CB300 ribbed steel decreased by 150 VND, priced at 14,090 VND/kg.

Viet Duc Steel has simultaneously adjusted down, currently CB240 coil steel is at 14,140 VND/kg - down 100 VND; D10 CB300 ribbed steel is priced at 14,440 VND/kg - down 330 VND.

VAS steel adjusted down, currently D10 CB300 rebar is priced at 13,910 VND/kg; CB240 coil steel is priced at 13,850 VND/kg. Pomina steel, with CB240 coil steel down 200 VND, down to 14,590 VND/kg; D10 CB300 rebar is priced at 14,790 VND/kg./.