Commodity Market Week of October 26, 2026 - November 1, 2026: Energy Surges, Agricultural Products & Metals Hold Steady

The global commodity market in the week from October 26, 2026, to November 1, 2026, recorded mixed developments, with a notable breakout in the energy sector while most agricultural products and metals maintained a sideways trend or fluctuated slightly. The macroeconomic and geopolitical landscape, particularly information related to industrial and infrastructure projects in Vietnam, along with global supply and demand factors, significantly impacted investor sentiment and commodity prices.

GROUP: Energy

The energy sector witnessed an impressive recovery in crude oil prices this week. Specifically, Brent crude oil prices rose 1.72% compared to the previous week, reaching 113.43 USD/barrel on November 1, 2026. Similarly, WTI crude oil also remained stable at a high level of 104.12 USD/barrel.

• Key price movements: Besides crude oil, European natural gas prices (based on the latest data from September 1, 2026) recorded a significant increase of 20.42%, reaching 25.42 USD/mmbtu. Coal prices also held steady at 152.45 USD/mt.
• Causes: The rise in Brent oil prices can be explained by supply concerns amid ongoing geopolitical instability, combined with recovering energy consumption demand in several major economic regions. Information regarding the mobilization of a large force for disaster-scale fire prevention drills at the Long Son Petrochemical Complex (Ho Chi Minh City) also partly reflects the importance and potential risks in the energy-petrochemical supply chain in Vietnam, impacting regional market sentiment.
• Outlook for next week: Oil and natural gas price trends are expected to continue to be strongly influenced by geopolitical factors and inventory reports. The possibility of Brent oil prices maintaining above the 110 USD/barrel threshold is quite high if there are no supply shocks.

GROUP: Agricultural Products

Most major agricultural products maintained stable price levels over the past week, with very low volatility. Vietnamese 5% rice (data from September 1, 2026) remained stable at 418.50 USD/mt, while Thai 5% rice recorded a slight increase of 2.34% to 482.00 USD/mt.

• Key price movements: Robusta coffee remained stable at 3,204.00 UScents/kg (equivalent to approximately 826.7 million VND/ton), a quite high price level, providing an advantage for Vietnamese exporters. Other commodities such as rubber, sugar, cocoa, soybeans, and corn also saw no significant price changes compared to the previous week. Notably, some vegetable oils (data from September 1, 2026) such as coconut oil (+12.41%) and sunflower oil (+6.84%) saw quite strong increases.
• Causes: The stability of key agricultural groups like rice and coffee reflects a temporary balance between supply and demand in the global market. In Vietnam, information regarding the appointment of a new Deputy Minister of Agriculture and Environment shows the Government's interest in managing and developing the agricultural sector, which may affect long-term policies on agricultural production and exports.
• Outlook for next week: Agricultural prices, especially rice and coffee, are expected to continue moving sideways or fluctuating slightly. Weather factors and harvest progress in key growing regions will be factors to monitor closely.

GROUP: Metals

The metal market also recorded a fairly quiet trading week with insignificant price fluctuations. Global gold prices (November 1, 2026) were almost flat, increasing only slightly by 0.02% to 3,875.80 USD/toz (equivalent to approximately 120.6 million VND/tael).

• Key price movements: Silver rose slightly by 0.42% to reach 48.90 USD/toz, and copper rose 0.36% to 645.85 UScents/lb. Other industrial metals such as platinum, nickel, lead, aluminum, zinc, and iron ore all held stable price levels compared to the previous week. Tin maintained a high level of 49,697.00 USD/mt.
• Causes: The stability of gold prices and precious metals reflects the cautious sentiment of investors as they await clearer signals on monetary policy and global macroeconomic developments. Industrial metal prices remaining stable indicates that production demand is still being maintained, though without a strong breakout. Information about "tech giants" investing in industrial zones in Vietnam could be a positive signal for long-term industrial metal demand in the region.
• Outlook for next week: Gold prices may continue to fluctuate within a narrow range. Industrial metals will be influenced by data on manufacturing activity in major economies such as China and the US.

Notable commodities of the week

This week, Brent crude oil was the most notable commodity with a price increase of 1.72%, reflecting concerns about supply and recovering demand. Additionally, the high and stable price of Robusta coffee (3,204.00 UScents/kg) was also an important highlight, especially for Vietnam's coffee export industry. Conversely, the near-absolute stability of gold and many industrial metals shows market caution.

Forecast and recommendations for next week (November 2, 2026 - November 8, 2026)

• Trend forecast:
  • Energy: Oil and natural gas prices may continue to maintain their upward momentum or remain at high levels due to supply concerns and geopolitical factors.
  • Agricultural products: Rice and coffee prices are expected to be stable, while prices of vegetable oils may continue to fluctuate strongly.
  • Metals: Gold prices may continue to move sideways; industrial metals will depend on macroeconomic data.
• Risk factors to monitor:
  • Developments in geopolitical conflicts could strongly impact energy and metal prices.
  • Reports on oil and natural gas inventories.
  • Weather conditions affecting crops in key agricultural production regions.
  • Monetary policy of major Central Banks.
  • China's economic recovery and its impact on industrial metal demand.
• Recommendations:
  • Vietnamese Robusta coffee exporters should take advantage of the current high price levels to optimize profits.
  • Investors in the energy group should be cautious of potential price fluctuations caused by geopolitical factors.
  • For the agricultural and metal groups, investors should prioritize a strategy of observing and waiting for clearer signals from the market.