Buying power prevailed, pushing the MXV-Index up 0.41% to 2,131 points. Notably, in the industrial raw materials market, the prices of two coffee products turned up after the previous adjustment session. Going against the upward trend of the entire market, the metal group (except iron ore), all items decreased in price.

MXV-Index

Metal market in red

According to MXV, at the close of trading on September 17, except for iron ore, all metal commodities decreased in price due to the market being cautious about the US Federal Reserve's interest rate cut plan. For precious metals, silver prices fell slightly by 0.5% to 30.97 USD/ounce, ending a three-session streak of increases. Platinum prices also continued to decline, down 0.55% to 982.8 USD/ounce.

Metal price list

Market focus is on US retail sales and industrial production data released last night, as these are the last economic data released before the Fed decides to cut interest rates early tomorrow morning.

According to the report from the US Department of Commerce, in August, the country's retail sales unexpectedly increased by 0.1% on a monthly basis, surpassing the market's expectation of a 0.2% decrease. Industrial production growth also beat market expectations, reaching a 0.8% increase in August, higher than the forecast of a 0.2% increase. These positive economic figures, combined with the previously released data on the falling unemployment rate, have reduced the possibility of a large-scale interest rate cut by the Fed. The easing of optimism in the market has caused investors to withdraw money from the precious metals market.

In addition, the USD also increased sharply after a series of data yesterday, indirectly putting pressure on silver and platinum prices. Specifically, the Dollar Index closed up 0.13% to 100.89 points, ending a three-session decline.

For the base metals group, after a volatile trading session, COMEX copper prices were almost flat, down only 0.01% to $9,420/ton.

On the one hand, a stronger US dollar combined with investor caution ahead of the Fed’s interest rate decision weighed on copper prices yesterday. On the other hand, expectations of continued Chinese economic stimulus, coupled with a more optimistic outlook for consumption during the peak consumption season, were the main drivers supporting copper prices during the session.

Sugar prices soar more than 4%

Industrial raw material price list

Sugar prices jumped more than 4% to their highest in more than two months. Wildfires in parts of Brazil have burned about 30,000 hectares of Tereos’ sugar cane fields, or 10% of the company’s acreage in Brazil, the world’s largest sugar exporter. Sugar industry group UNICA estimates that at least 230,000 hectares of sugar cane were affected by fires in August in Sao Paulo state.

Prices of some other goods

Agricultural product price list

Energy price list