📋 Tender Overview
Divergence continues to cover the world raw material market in the session on August 6. While agricultural products, metals and industrial materials all fell in price, the energy group still increased sharply, thereby pulling the MXV-Index up 0.3%, to 2,731 points. Download WTI oil price increased again, market followed Hormuz After three consecutive sessions of decline, WTI crude oil price turned to increase sharply in the trading session on August 6 as the market became more cautious about the prospect of completely restoring maritime activities through the Strait of Hormuz. New signals from Iran show that the negotiation process still has many obstacles, increasing concerns about energy supplies in the Middle East. The information that received the most attention from the market during the session was that a committee of the Iranian National Assembly is considering a preliminary draft law to ban ships from the US, Israel and countries that Tehran considers hostile from passing through the Strait of Hormuz. According to Iranian media, this draft also proposes a fine of up to 20% of the value of the goods on board for violations if approved. Although only in the review stage, the above move is considered a signal that Tehrans stance is still tough in the context of continuing negotiations with the US. Iran also warned that it would retaliate against energy infrastructure in the region if the US resumes military activities. In the opposite direction, the negotiation process related to the Strait of Hormuz is still maintained. According to Tasnim news agency, Iranian Foreign Ministry spokesman Esmaeil Baqaei said Iran and Oman have entered the final stage of negotiations on the commercial transport corridor through the Strait of Hormuz. The two sides have agreed on the coordinates of the corridor and are finalizing a joint statement. However, Mr. Baqaei affirmed that this does not mean that the Strait of Hormuz will be completely reopened soon. According to Iran, the current restrictions still stem from security concerns related to the US and Israel. Therefore, although negotiations continue, investors are still waiting for clearer signals about the possibility of restoring maritime activities through this strategic shipping route. Download Supply concerns continue to grow as Houthi forces claim responsibility for attacks on Saudi Arabian ports and oil tankers passing through the Bab el-Mandeb Strait. According to Kpler data, ship traffic through this shipping route decreased in the early days of August and by August 5, only one ship was recorded. Meanwhile, shipping data showed that crude oil and condensate exports of Gulf countries in July were still about 40% lower than before the conflict began. This development shows that the oil flow through the region has not really returned to normal. According to data from the Vietnam Commodity Exchange (MXV), at the end of the trading session on August 6, Brent oil price increased by 3.8%, to 82.49 USD/barrel, while US WTI oil increased by about 2.8%, to 77.29 USD/barrel. The above developments show that the market is still closely following information related to the strait. Hormuz. Although there have not been any more significant disruptions to supply, mixed signals from the negotiation process are still enough to push oil prices to recover after a series of previous falling sessions. Download In contrast to the developments in the energy group, selling pressure prevailed in the industrial raw materials market, in which two coffee products simultaneously decreased in price. At the end of the session, Arabica coffee prices decreased by 1.6%, to 7,091 USD/ton, while Robusta lost 2.4%, closing at 3,798 USD/ton. The main reason was that Robusta supply continued to be supplemented from Vietnam, while favorable weather conditions in Brazil helped speed up the harvest progress. See more COMMODITY MARKET: MXV-Index decreased for the third session consecutively, falling back to 2,727 points. See moreSelling pressure returned to the commodity market, cash flow still finds shelter assets. See moreCOMMODITY MARKET: Oil prices plummeted, pulling MXV-Index down for the second consecutive session. See moreCOMMODITY MARKET: Overwhelming buying force, MXV-Index increased for the 5th consecutive week
