HANOI: Platinum has experienced a remarkable acceleration as it emerged as the most actively traded commodity in Vietnam in the last quarter, statistics from the Vietnam Commodity Exchange (MXV) show.

According to MXV, in the third quarter of 2024, global raw material prices continued to fluctuate significantly. The trading volumes of various commodities in the recent quarter also experienced surprising shifts.

The transition mirrors changes in market demand and investment strategies, with formerly stable commodities unexpectedly declining to make room for emerging contenders.

Consequently, the market is witnessing a robust surge in metal commodities.

Of particular note is the outstanding acceleration of platinum, which has surged to become the most actively traded product in Vietnam, commanding a substantial 21.5% share of the trading volume on MXV.

Meanwhile, micro copper futures ascended from the sixth position in the previous quarter to claim the third spot in the current rankings, boasting an 8% share.

Other commodities like copper and micro silver futures hold the seventh and ninth positions, with 5.7% and 5.2% of the trading volume, respectively.

“The increasing popularity of metal commodities among investors is clear, with four commodities from this category now ranking in the top 10,” said Nguyen Ngoc Quynh, deputy general director at MXV.

“The precious metal market has recently reaped the benefits of a period where markets closely monitor the US Federal Reserve’s significant interest rate adjustments.

“The persisting low-interest-rate environment is expected to continue fostering favourable pricing conditions for precious metals throughout this year.

“In my view, this positive trajectory in precious metals may well extend into the fourth quarter as macro-economic pressures ease gradually, and the impact of a new cycle of interest-rate reductions is felt across global financial and commodity markets.”

Following platinum, soybeans claimed a notable 12.7% share, securing the second spot on the list of the most actively traded commodities in the third quarter.

Processed products like dried soybeans and soybean oil also maintained their presence on the roster at sixth and eighth, respectively.

Subsequent rankings unveil familiar commodities on the quarterly leaderboard.

Wheat and robusta coffee took the fourth and fifth slots, with respective shares of 7.1% and 6.8% of the total trading volume.

Arabica coffee re-entered the competition, solidifying its place in the top-10 most traded commodities in Vietnam for the third quarter with a 5.1% share.

Many experts anticipate significant commodity price fluctuations in the fourth quarter of this year due to unpredictable market factors such as escalating political tensions and extreme weather conditions. 

 - ANN