{"id":567,"date":"2026-11-02T11:04:07","date_gmt":"2026-11-02T11:04:07","guid":{"rendered":"https:\/\/m4markets.com\/media-vn\/copper-price-forecast-2026-2030\/"},"modified":"2026-11-02T11:04:07","modified_gmt":"2026-11-02T11:04:07","slug":"copper-price-forecast-2026-2030","status":"publish","type":"post","link":"https:\/\/m4markets.com\/media-vn\/copper-price-forecast-2026-2030\/","title":{"rendered":"D\u1ef1 b\u00e1o gi\u00e1 \u0111\u1ed3ng 2026\u20132030 [B\u1ea3ng so s\u00e1nh theo t\u1ed5 ch\u1ee9c] C\u1ea5u tr\u00fac cung c\u1ea7u v\u00e0 k\u1ecbch b\u1ea3n t\u0103ng gi\u00e1\/gi\u1ea3m gi\u00e1"},"content":{"rendered":"<p>N\u0103m 2026, th\u1ecb tr\u01b0\u1eddng \u0111\u1ed3ng \u0111ang tr\u1ea3i qua s\u1ef1 ph\u00e2n k\u1ef3 d\u1ef1 b\u00e1o hi\u1ebfm g\u1eb7p trong l\u1ecbch s\u1eed. Gi\u00e1 \u0111\u1ed3ng tr\u00ean S\u00e0n Giao d\u1ecbch Kim lo\u1ea1i London (LME) \u0111ang h\u00ecnh th\u00e0nh m\u1ed9t d\u1ea3i d\u1ef1 b\u00e1o r\u1ed9ng t\u1eeb kho\u1ea3ng 9.800 USD\/t\u1ea5n \u0111\u1ebfn h\u01a1n 15.000 USD\/t\u1ea5n gi\u1eefa c\u00e1c t\u1ed5 ch\u1ee9c l\u1edbn, trong b\u1ed1i c\u1ea3nh nhu c\u1ea7u chuy\u1ec3n d\u1ecbch n\u0103ng l\u01b0\u1ee3ng v\u00e0 c\u00e1c r\u00e0ng bu\u1ed9c c\u1ea5u tr\u00fac v\u1ec1 ph\u00eda cung \u0111an xen nhau. B\u00e0i vi\u1ebft n\u00e0y so s\u00e1nh d\u1ef1 b\u00e1o gi\u00e1 \u0111\u1ed3ng t\u1eeb n\u0103m 2026 \u0111\u1ebfn 2030 theo t\u1eebng t\u1ed5 ch\u1ee9c, \u0111\u1ed3ng th\u1eddi ph\u00e2n t\u00edch c\u00e2n b\u1eb1ng c\u1ea5u tr\u00fac cung c\u1ea7u v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 r\u1ee7i ro l\u00e0m c\u01a1 s\u1edf cho s\u1ef1 kh\u00e1c bi\u1ec7t trong c\u00e1c d\u1ef1 b\u00e1o \u0111\u00f3. Ngo\u00e0i ra, b\u00e0i vi\u1ebft c\u0169ng tr\u00ecnh b\u00e0y c\u00e1c ph\u01b0\u01a1ng th\u1ee9c ti\u1ebfp c\u1eadn gi\u00e1 \u0111\u1ed3ng ph\u1ed5 bi\u1ebfn nh\u01b0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai, giao d\u1ecbch ch\u00eanh l\u1ec7ch h\u1ee3p \u0111\u1ed3ng (CFD) v\u00e0 ETF, c\u00f9ng c\u1ea5u tr\u00fac chi ph\u00ed c\u1ee7a t\u1eebng ph\u01b0\u01a1ng th\u1ee9c.<\/p>\n<h2>T\u00f3m t\u1eaft n\u1ed9i dung ch\u00ednh<\/h2>\n<ul>\n<li>D\u1ef1 b\u00e1o gi\u00e1 \u0111\u1ed3ng LME n\u0103m 2026 c\u00f3 s\u1ef1 ch\u00eanh l\u1ec7ch l\u1edbn gi\u1eefa c\u00e1c t\u1ed5 ch\u1ee9c, dao \u0111\u1ed9ng t\u1eeb kho\u1ea3ng 9.800\u201315.000 USD\/t\u1ea5n, v\u00e0 c\u1ea7n th\u1eadn tr\u1ecdng khi so s\u00e1nh tr\u1ef1c ti\u1ebfp v\u00ec th\u1eddi \u0111i\u1ec3m c\u00f4ng b\u1ed1 v\u00e0 c\u00e1c gi\u1ea3 \u0111\u1ecbnh c\u1ed1t l\u00f5i c\u1ee7a m\u1ed7i t\u1ed5 ch\u1ee9c l\u00e0 kh\u00e1c nhau.<\/li>\n<li>Chuy\u1ec3n d\u1ecbch n\u0103ng l\u01b0\u1ee3ng, xe \u0111i\u1ec7n (EV) v\u00e0 nhu c\u1ea7u t\u1eeb c\u00e1c trung t\u00e2m d\u1eef li\u1ec7u AI \u0111ang th\u00fac \u0111\u1ea9y s\u1ef1 t\u0103ng tr\u01b0\u1edfng c\u1ea5u tr\u00fac trong nhu c\u1ea7u \u0111\u1ed3ng. Goldman Sachs \u01b0\u1edbc t\u00ednh h\u01a1n 60% m\u1ee9c t\u0103ng nhu c\u1ea7u \u0111\u1ebfn n\u0103m 2030 s\u1ebd \u0111\u1ebfn t\u1eeb c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng l\u01b0\u1edbi \u0111i\u1ec7n.<\/li>\n<li>V\u1ec1 ph\u00eda cung, h\u00e0m l\u01b0\u1ee3ng qu\u1eb7ng suy gi\u1ea3m, s\u1ea3n l\u01b0\u1ee3ng gi\u1ea3m t\u1ea1i c\u00e1c m\u1ecf l\u1edbn \u1edf Chile v\u00e0 th\u1eddi gian ph\u00e1t tri\u1ec3n m\u1ecf m\u1edbi trung b\u00ecnh l\u00ean \u0111\u1ebfn 17 n\u0103m l\u00e0 nh\u1eefng h\u1ea1n ch\u1ebf c\u1ea5u tr\u00fac c\u1ee7ng c\u1ed1 lo ng\u1ea1i v\u1ec1 th\u00e2m h\u1ee5t ngu\u1ed3n cung trong trung v\u00e0 d\u00e0i h\u1ea1n.<\/li>\n<li>Giai \u0111o\u1ea1n 2028\u20132030 c\u00f3 \u00edt \u01b0\u1edbc t\u00ednh \u0111i\u1ec3m \u0111\u00e1ng tin c\u1eady; d\u1ef1 b\u00e1o \u0111\u1ecbnh h\u01b0\u1edbng d\u00e0i h\u1ea1n c\u1ee7a Goldman Sachs (12.000 USD\/t\u1ea5n v\u00e0o n\u0103m 2029, 12.250 USD\/t\u1ea5n v\u00e0o n\u0103m 2030) v\u00e0 d\u1ef1 b\u00e1o \u0111\u1ecbnh h\u01b0\u1edbng 17.000 USD\/t\u1ea5n v\u00e0o n\u0103m 2035 c\u1ee7a BMI \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng l\u00e0m t\u00e0i li\u1ec7u tham kh\u1ea3o.<\/li>\n<li>Khi giao d\u1ecbch CFD \u0111\u1ed3ng, spread, ph\u00ed swap qua \u0111\u00eam v\u00e0 k\u00fd qu\u1ef9 l\u00e0 c\u00e1c kh\u00e1i ni\u1ec7m ri\u00eang bi\u1ec7t; \u0111\u00f2n b\u1ea9y khu\u1ebfch \u0111\u1ea1i c\u1ea3 l\u1ee3i nhu\u1eadn l\u1eabn thua l\u1ed7.<\/li>\n<\/ul>\n<h2>Gi\u00e1 \u0111\u1ed3ng n\u0103m 2026 \u0111ang \u1edf \u0111\u00e2u?<\/h2>\n<p>T\u00ednh \u0111\u1ebfn th\u00e1ng 10 n\u0103m 2026, th\u1ecb tr\u01b0\u1eddng \u0111\u1ed3ng \u0111ang t\u00ecm ki\u1ebfm s\u1ef1 c\u00e2n b\u1eb1ng cung c\u1ea7u trong b\u1ed1i c\u1ea3nh bi\u1ebfn \u0111\u1ed9ng cao, sau khi t\u0103ng kho\u1ea3ng 41% trong n\u0103m 2025 (theo ph\u00e2n t\u00edch c\u1ee7a CME Group th\u00e1ng 2 n\u0103m 2026). Gi\u00e1 \u0111\u1ed3ng giao ngay tr\u00ean LME \u0111ang giao d\u1ecbch quanh m\u1ee9c 12.000 USD\/t\u1ea5n, nh\u01b0ng c\u00e1c d\u1ef1 b\u00e1o cu\u1ed1i n\u0103m c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c v\u1eabn c\u00f2n ch\u00eanh l\u1ec7ch \u0111\u00e1ng k\u1ec3. \u0110\u1ec3 hi\u1ec3u th\u1ecb tr\u01b0\u1eddng \u0111\u1ed3ng, tr\u01b0\u1edbc ti\u00ean c\u1ea7n n\u1eafm r\u00f5 s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa hai chu\u1ea9n gi\u00e1 tham chi\u1ebfu ch\u00ednh.<\/p>\n<h3>LME v\u00e0 COMEX: Hi\u1ec3u s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa hai chu\u1ea9n gi\u00e1 tham chi\u1ebfu<\/h3>\n<p>\u0110\u1ed3ng tr\u00ean S\u00e0n Giao d\u1ecbch Kim lo\u1ea1i London (LME) l\u00e0 chu\u1ea9n gi\u00e1 to\u00e0n c\u1ea7u, giao d\u1ecbch \u0111\u1ed3ng \u0111i\u1ec7n ph\u00e2n (electrolytic copper) c\u00f3 \u0111\u1ed9 tinh khi\u1ebft t\u1eeb 99,95% tr\u1edf l\u00ean theo \u0111\u01a1n v\u1ecb USD\/t\u1ea5n. Hai h\u00ecnh th\u1ee9c tham chi\u1ebfu ch\u00ednh l\u00e0 giao ngay (Cash) v\u00e0 k\u1ef3 h\u1ea1n 3 th\u00e1ng (3-month forward). Trong khi \u0111\u00f3, h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai HG tr\u00ean COMEX c\u1ee7a M\u1ef9 \u0111\u01b0\u1ee3c ni\u00eam y\u1ebft theo \u0111\u01a1n v\u1ecb USD\/pound (lb), v\u1edbi quy m\u00f4 h\u1ee3p \u0111\u1ed3ng l\u00e0 25.000 pound. C\u1ea7n ch\u00fa \u00fd khi quy \u0111\u1ed5i \u0111\u01a1n v\u1ecb: v\u00ed d\u1ee5, 6,00 USD\/lb t\u01b0\u01a1ng \u0111\u01b0\u01a1ng kho\u1ea3ng 13.228 USD\/t\u1ea5n (t\u00ednh theo 1 pound \u2248 0,000454 t\u1ea5n). Khi so s\u00e1nh d\u1ef1 b\u00e1o c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c, s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 \u0111\u01a1n v\u1ecb c\u00f3 th\u1ec3 khi\u1ebfn c\u00e1c con s\u1ed1 tr\u00f4ng r\u1ea5t kh\u00e1c nhau; v\u00ec v\u1eady, b\u00e0i vi\u1ebft n\u00e0y th\u1ed1ng nh\u1ea5t quy \u0111\u1ed5i t\u1ea5t c\u1ea3 gi\u00e1 v\u1ec1 USD\/t\u1ea5n (theo chu\u1ea9n LME).<\/p>\n<figure class=\"wp-block-image size-full\"><img src=\"https:\/\/m4markets.com\/media-vn\/wp-content\/uploads\/sites\/7\/2026\/11\/copper-price-forecast-2026-2030-lme-vs-comex-vi.webp\" alt=\"Infographic so s\u00e1nh chu\u1ea9n gi\u00e1 \u0111\u1ed3ng LME v\u00e0 COMEX: \u0111\u01a1n v\u1ecb, s\u00e0n giao d\u1ecbch v\u00e0 ph\u01b0\u01a1ng ph\u00e1p quy \u0111\u1ed5i\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-565\" srcset=\"https:\/\/m4markets.com\/media-vn\/wp-content\/uploads\/sites\/7\/2026\/11\/copper-price-forecast-2026-2030-lme-vs-comex-vi-150x150.webp 150w, https:\/\/m4markets.com\/media-vn\/wp-content\/uploads\/sites\/7\/2026\/11\/copper-price-forecast-2026-2030-lme-vs-comex-vi-300x200.webp 300w, https:\/\/m4markets.com\/media-vn\/wp-content\/uploads\/sites\/7\/2026\/11\/copper-price-forecast-2026-2030-lme-vs-comex-vi-768x512.webp 768w, https:\/\/m4markets.com\/media-vn\/wp-content\/uploads\/sites\/7\/2026\/11\/copper-price-forecast-2026-2030-lme-vs-comex-vi-1024x683.webp 1024w, https:\/\/m4markets.com\/media-vn\/wp-content\/uploads\/sites\/7\/2026\/11\/copper-price-forecast-2026-2030-lme-vs-comex-vi.webp 1536w\" sizes=\"auto, (max-width: 1536px) 100vw, 1536px\" width=\"1536\" height=\"1024\" \/><\/figure>\n<p>K\u1ef3 v\u1ecdng v\u1ec1 ch\u00ednh s\u00e1ch thu\u1ebf nh\u1eadp kh\u1ea9u \u0111\u1ed3ng c\u1ee7a M\u1ef9 \u0111\u00e3 t\u1ea1o ra c\u01a1 ch\u1ebf duy tr\u00ec gi\u00e1 COMEX \u1edf m\u1ee9c cao h\u01a1n so v\u1edbi LME. Khi thu\u1ebf quan \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng, chi ph\u00ed thu mua \u0111\u1ed3ng trong n\u01b0\u1edbc M\u1ef9 t\u0103ng l\u00ean, khi\u1ebfn c\u00e1c nh\u00e0 giao d\u1ecbch mua tr\u01b0\u1edbc h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai COMEX v\u00e0 t\u1ea1o ra ch\u00eanh l\u1ec7ch gi\u00e1 gi\u1eefa hai s\u00e0n. Ch\u00eanh l\u1ec7ch n\u00e0y bi\u1ebfn \u0111\u1ed9ng m\u1ed7i khi s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn v\u1ec1 ch\u00ednh s\u00e1ch thu\u1ebf quan \u0111\u01b0\u1ee3c gi\u1ea3i t\u1ecfa ho\u1eb7c gia t\u0103ng, v\u00e0 l\u00e0 bi\u1ebfn s\u1ed1 quan tr\u1ecdng \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tham chi\u1ebfu \u0111\u1ed3ng th\u1eddi c\u1ea3 hai chu\u1ea9n gi\u00e1.<\/p>\n<h2>So s\u00e1nh d\u1ef1 b\u00e1o gi\u00e1 \u0111\u1ed3ng theo t\u1ed5 ch\u1ee9c (2026)<\/h2>\n<p>B\u1ea3ng d\u01b0\u1edbi \u0111\u00e2y t\u1ed5ng h\u1ee3p d\u1ef1 b\u00e1o gi\u00e1 \u0111\u1ed3ng n\u0103m 2026 c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c l\u1edbn. Do th\u1eddi \u0111i\u1ec3m c\u00f4ng b\u1ed1 v\u00e0 c\u00e1c gi\u1ea3 \u0111\u1ecbnh c\u1ed1t l\u00f5i c\u1ee7a m\u1ed7i t\u1ed5 ch\u1ee9c kh\u00e1c nhau, c\u1ea7n th\u1eadn tr\u1ecdng khi so s\u00e1nh tr\u1ef1c ti\u1ebfp. T\u1ea5t c\u1ea3 c\u00e1c con s\u1ed1 \u0111\u00e3 \u0111\u01b0\u1ee3c quy \u0111\u1ed5i v\u1ec1 USD\/t\u1ea5n theo chu\u1ea9n LME.<\/p>\n<figure class=\"wp-block-image size-full\"><img src=\"https:\/\/m4markets.com\/media-vn\/wp-content\/uploads\/sites\/7\/2026\/11\/copper-price-forecast-2026-2030-2026-vi.webp\" alt=\"Bi\u1ec3u \u0111\u1ed3 c\u1ed9t so s\u00e1nh d\u1ef1 b\u00e1o gi\u00e1 \u0111\u1ed3ng n\u0103m 2026 theo t\u1ed5 ch\u1ee9c: Goldman Sachs, BofA, BMI, Ng\u00e2n h\u00e0ng Th\u1ebf gi\u1edbi\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-566\" srcset=\"https:\/\/m4markets.com\/media-vn\/wp-content\/uploads\/sites\/7\/2026\/11\/copper-price-forecast-2026-2030-2026-vi-150x150.webp 150w, https:\/\/m4markets.com\/media-vn\/wp-content\/uploads\/sites\/7\/2026\/11\/copper-price-forecast-2026-2030-2026-vi-300x200.webp 300w, https:\/\/m4markets.com\/media-vn\/wp-content\/uploads\/sites\/7\/2026\/11\/copper-price-forecast-2026-2030-2026-vi-768x511.webp 768w, https:\/\/m4markets.com\/media-vn\/wp-content\/uploads\/sites\/7\/2026\/11\/copper-price-forecast-2026-2030-2026-vi-1024x682.webp 1024w, https:\/\/m4markets.com\/media-vn\/wp-content\/uploads\/sites\/7\/2026\/11\/copper-price-forecast-2026-2030-2026-vi.webp 1537w\" sizes=\"auto, (max-width: 1537px) 100vw, 1537px\" width=\"1537\" height=\"1023\" \/><\/figure>\n<h3>Phe l\u1ea1c quan: Quan \u0111i\u1ec3m c\u1ee7a JP Morgan, Citi, BofA v\u00e0 Macquarie<\/h3>\n<p>Lu\u1eadn \u0111i\u1ec3m c\u1ed1t l\u00f5i c\u1ee7a phe l\u1ea1c quan l\u00e0 t\u00ecnh tr\u1ea1ng thi\u1ebfu h\u1ee5t ngu\u1ed3n cung c\u1ea5u tr\u00fac v\u00e0 s\u1ef1 t\u0103ng t\u1ed1c c\u1ee7a nhu c\u1ea7u chuy\u1ec3n d\u1ecbch n\u0103ng l\u01b0\u1ee3ng. Bank of America (BofA) trong d\u1ef1 b\u00e1o c\u00f4ng b\u1ed1 th\u00e1ng 10 n\u0103m 2026 \u0111\u01b0a ra m\u1ee9c gi\u00e1 \u0111\u1ed3ng n\u0103m 2026 kho\u1ea3ng 13.278 USD\/t\u1ea5n v\u00e0 d\u1ef1 b\u00e1o c\u00f3 th\u1ec3 t\u0103ng l\u00ean 15.250 USD\/t\u1ea5n v\u00e0o n\u0103m 2027. V\u1ec1 d\u00e0i h\u1ea1n, BofA c\u0169ng \u0111\u01b0a ra \u0111\u1ecbnh h\u01b0\u1edbng gi\u00e1 \u0111\u1ed3ng c\u00f3 th\u1ec3 \u0111\u1ea1t 16.000 USD\/t\u1ea5n theo gi\u00e1 th\u1ef1c v\u00e0 18.000 USD\/t\u1ea5n theo gi\u00e1 danh ngh\u0129a v\u00e0o n\u0103m 2030. Citigroup (Citi) t\u1eebng d\u1ef1 b\u00e1o m\u1ee9c 15.000 USD\/t\u1ea5n cho n\u0103m 2026, trong khi Macquarie v\u00e0 Bernstein c\u0169ng duy tr\u00ec d\u1ef1 b\u00e1o tr\u00ean 12.000 USD\/t\u1ea5n. Gi\u1ea3 \u0111\u1ecbnh chung c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c n\u00e0y l\u00e0 ngu\u1ed3n cung t\u1eeb c\u00e1c m\u1ecf m\u1edbi s\u1ebd kh\u00f4ng theo k\u1ecbp \u0111\u00e0 t\u0103ng c\u1ee7a nhu c\u1ea7u.<\/p>\n<h3>Phe th\u1eadn tr\u1ecdng: Quan \u0111i\u1ec3m c\u1ee7a Goldman Sachs v\u00e0 Ng\u00e2n h\u00e0ng Th\u1ebf gi\u1edbi<\/h3>\n<p>Goldman Sachs \u0111\u00e3 nhi\u1ec1u l\u1ea7n \u0111i\u1ec1u ch\u1ec9nh d\u1ef1 b\u00e1o. Trong c\u00f4ng b\u1ed1 th\u00e1ng 12 n\u0103m 2025, h\u00e3ng n\u00e2ng d\u1ef1 b\u00e1o \u0111\u1ec3 ph\u1ea3n \u00e1nh vi\u1ec7c r\u1ee7i ro thu\u1ebf quan gi\u1ea3m b\u1edbt; \u0111\u1ebfn th\u00e1ng 7 n\u0103m 2026, Goldman Sachs \u0111\u01b0a ra m\u1ee9c kho\u1ea3ng 13.735 USD\/t\u1ea5n v\u00e0o cu\u1ed1i n\u0103m. Tuy nhi\u00ean, Goldman Sachs v\u1eabn duy tr\u00ec l\u1eadp tr\u01b0\u1eddng th\u1eadn tr\u1ecdng khi \u0111\u1ed3ng th\u1eddi \u0111\u1ec1 c\u1eadp kh\u1ea3 n\u0103ng d\u01b0 cung trong ng\u1eafn h\u1ea1n. Ng\u00e2n h\u00e0ng Th\u1ebf gi\u1edbi d\u1ef1 b\u00e1o gi\u00e1 \u0111\u1ed3ng n\u0103m 2026 \u1edf m\u1ee9c kho\u1ea3ng 9.800 USD\/t\u1ea5n, v\u1edbi c\u00e1c l\u00fd do ch\u00ednh l\u00e0 s\u1ef1 suy tho\u00e1i k\u00e9o d\u00e0i c\u1ee7a th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n Trung Qu\u1ed1c v\u00e0 kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i ngu\u1ed3n cung to\u00e0n c\u1ea7u. Gi\u00e1 tr\u1ecb trung v\u1ecb c\u1ee7a kh\u1ea3o s\u00e1t th\u1ecb tr\u01b0\u1eddng do Reuters t\u1ed5ng h\u1ee3p (t\u00ednh \u0111\u1ebfn th\u00e1ng 8 n\u0103m 2026) l\u00e0 kho\u1ea3ng 11.975 USD\/t\u1ea5n, n\u1eb1m \u1edf \u0111\u00e2u \u0111\u00f3 gi\u1eefa hai lu\u1ed3ng quan \u0111i\u1ec3m l\u1ea1c quan v\u00e0 th\u1eadn tr\u1ecdng.<\/p>\n<h3>T\u1ea1i sao c\u00e1c d\u1ef1 b\u00e1o l\u1ea1i ch\u00eanh l\u1ec7ch nhi\u1ec1u nh\u01b0 v\u1eady?<\/h3>\n<p>S\u1ef1 kh\u00e1c bi\u1ec7t trong d\u1ef1 b\u00e1o xu\u1ea5t ph\u00e1t t\u1eeb c\u00e1c gi\u1ea3 \u0111\u1ecbnh kh\u00e1c nhau v\u1ec1 ba bi\u1ebfn s\u1ed1 ch\u00ednh. Th\u1ee9 nh\u1ea5t l\u00e0 t\u1ed1c \u0111\u1ed9 ph\u1ee5c h\u1ed3i nhu c\u1ea7u c\u1ee7a Trung Qu\u1ed1c. Trung Qu\u1ed1c l\u00e0 n\u01b0\u1edbc ti\u00eau th\u1ee5 \u0111\u1ed3ng l\u1edbn nh\u1ea5t th\u1ebf gi\u1edbi, chi\u1ebfm kho\u1ea3ng 60% t\u1ed5ng ti\u00eau th\u1ee5 to\u00e0n c\u1ea7u; c\u00e2n b\u1eb1ng cung c\u1ea7u s\u1ebd thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 t\u00f9y thu\u1ed9c v\u00e0o vi\u1ec7c suy tho\u00e1i b\u1ea5t \u0111\u1ed9ng s\u1ea3n ti\u1ebfp t\u1ee5c k\u00e9o d\u00e0i hay n\u1ec1n kinh t\u1ebf ph\u1ee5c h\u1ed3i theo h\u01b0\u1edbng t\u1eadp trung v\u00e0o s\u1ea3n xu\u1ea5t. Th\u1ee9 hai l\u00e0 \u0111\u1ecbnh h\u01b0\u1edbng ch\u00ednh s\u00e1ch thu\u1ebf quan c\u1ee7a M\u1ef9. T\u00f9y theo vi\u1ec7c thu\u1ebf quan c\u00f3 \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng hay kh\u00f4ng v\u00e0 \u1edf m\u1ee9c n\u00e0o, ch\u00eanh l\u1ec7ch gi\u00e1 COMEX-LME v\u00e0 d\u00f2ng ch\u1ea3y \u0111\u1ed3ng to\u00e0n c\u1ea7u s\u1ebd thay \u0111\u1ed5i theo. Th\u1ee9 ba l\u00e0 t\u1ed1c \u0111\u1ed9 t\u0103ng ngu\u1ed3n cung t\u1eeb c\u00e1c m\u1ecf m\u1edbi. Do \u0111\u1eb7c th\u00f9 c\u1ea5u tr\u00fac l\u00e0 ph\u00e1t tri\u1ec3n m\u1ecf m\u1ea5t trung b\u00ecnh 17 n\u0103m, ngu\u1ed3n cung t\u0103ng th\u00eam trong ng\u1eafn h\u1ea1n r\u1ea5t h\u1ea1n ch\u1ebf, nh\u01b0ng trong d\u1ef1 b\u00e1o trung v\u00e0 d\u00e0i h\u1ea1n, m\u1ed7i t\u1ed5 ch\u1ee9c \u00e1p d\u1ee5ng c\u00e1c gi\u1ea3 \u0111\u1ecbnh kh\u00e1c nhau.<\/p>\n<h2>C\u00e1c y\u1ebfu t\u1ed1 c\u1ea5u tr\u00fac t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn gi\u00e1 \u0111\u1ed3ng<\/h2>\n<p>\u0110\u1ec3 hi\u1ec3u d\u1ef1 b\u00e1o gi\u00e1 \u0111\u1ed3ng, c\u1ea7n n\u1eafm b\u1eaft nh\u1eefng thay \u0111\u1ed5i c\u1ea5u tr\u00fac \u1edf c\u1ea3 ph\u00eda cung v\u00e0 ph\u00eda c\u1ea7u. Bi\u1ebfn \u0111\u1ed9ng gi\u00e1 ng\u1eafn h\u1ea1n ch\u1ecbu \u1ea3nh h\u01b0\u1edfng c\u1ee7a c\u00e1c v\u1ecb th\u1ebf \u0111\u1ea7u c\u01a1 v\u00e0 s\u1ee9c m\u1ea1nh c\u1ee7a \u0111\u1ed3ng USD, nh\u01b0ng xu h\u01b0\u1edbng trung v\u00e0 d\u00e0i h\u1ea1n \u0111\u01b0\u1ee3c quy\u1ebft \u0111\u1ecbnh b\u1edfi ba l\u1ef1c l\u01b0\u1ee3ng c\u1ea5u tr\u00fac: chuy\u1ec3n d\u1ecbch n\u0103ng l\u01b0\u1ee3ng, c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng AI v\u00e0 c\u00e1c r\u00e0ng bu\u1ed9c ngu\u1ed3n cung t\u1eeb khai th\u00e1c m\u1ecf.<\/p>\n<h3>Chuy\u1ec3n d\u1ecbch n\u0103ng l\u01b0\u1ee3ng v\u00e0 xe \u0111i\u1ec7n: \u0110\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng nhu c\u1ea7u m\u1edbi<\/h3>\n<p>M\u1ed9t chi\u1ebfc xe \u0111i\u1ec7n (EV) s\u1eed d\u1ee5ng l\u01b0\u1ee3ng \u0111\u1ed3ng nhi\u1ec1u h\u01a1n kho\u1ea3ng 4 l\u1ea7n so v\u1edbi xe \u0111\u1ed9ng c\u01a1 \u0111\u1ed1t trong (ICE). L\u01b0\u1ee3ng \u0111\u1ed3ng s\u1eed d\u1ee5ng tr\u00ean m\u1ed7i xe \u0111i\u1ec7n v\u00e0o kho\u1ea3ng 83\u201395 kg, trong khi xe \u0111\u1ed9ng c\u01a1 \u0111\u1ed1t trong ch\u1ec9 d\u00f9ng kho\u1ea3ng 20\u201325 kg. Nhu c\u1ea7u \u0111\u1ed3ng c\u0169ng \u0111ang t\u0103ng nhanh trong to\u00e0n b\u1ed9 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng n\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o, bao g\u1ed3m t\u1ea5m pin m\u1eb7t tr\u1eddi, tua-bin gi\u00f3 ngo\u00e0i kh\u01a1i (kho\u1ea3ng 4\u201315 t\u1ea5n \u0111\u1ed3ng m\u1ed7i tua-bin) v\u00e0 c\u00e1p l\u01b0\u1edbi \u0111i\u1ec7n. Goldman Sachs \u01b0\u1edbc t\u00ednh h\u01a1n 60% m\u1ee9c t\u0103ng nhu c\u1ea7u \u0111\u1ed3ng \u0111\u1ebfn n\u0103m 2030 s\u1ebd \u0111\u1ebfn t\u1eeb c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng l\u01b0\u1edbi \u0111i\u1ec7n. \u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 chuy\u1ec3n d\u1ecbch n\u0103ng l\u01b0\u1ee3ng kh\u00f4ng ch\u1ec9 \u0111\u01a1n thu\u1ea7n l\u00e0 ph\u1ed5 bi\u1ebfn xe \u0111i\u1ec7n, m\u00e0 c\u00f2n k\u00e9o theo s\u1ef1 thay \u0111\u1ed5i c\u1ea5u tr\u00fac c\u1ee7a to\u00e0n b\u1ed9 h\u1ec7 th\u1ed1ng \u0111i\u1ec7n.<\/p>\n<h3>Trung t\u00e2m d\u1eef li\u1ec7u AI: Nhu c\u1ea7u t\u0103ng nhanh h\u01a1n d\u1ef1 ki\u1ebfn<\/h3>\n<p>C\u00e1c trung t\u00e2m d\u1eef li\u1ec7u tr\u00ed tu\u1ec7 nh\u00e2n t\u1ea1o (AI) \u0111ang n\u1ed5i l\u00ean nh\u01b0 m\u1ed9t \u0111\u1ed9ng l\u1ef1c t\u0103ng tr\u01b0\u1edfng m\u1edbi cho nhu c\u1ea7u \u0111\u1ed3ng. M\u1ed7i megawatt (MW) c\u00f4ng su\u1ea5t trung t\u00e2m d\u1eef li\u1ec7u c\u1ea7n kho\u1ea3ng 20\u201340 t\u1ea5n \u0111\u1ed3ng. Khi \u0111\u1ea7u t\u01b0 v\u00e0o h\u1ea1 t\u1ea7ng AI \u0111\u01b0\u1ee3c \u0111\u1ea9y m\u1ea1nh tr\u00ean to\u00e0n c\u1ea7u, nhu c\u1ea7u \u0111\u1ed3ng t\u1eeb l\u0129nh v\u1ef1c n\u00e0y \u0111ang t\u0103ng nhanh h\u01a1n so v\u1edbi d\u1ef1 b\u00e1o ban \u0111\u1ea7u. Ngo\u00e0i ra, chi ti\u00eau qu\u1ed1c ph\u00f2ng gia t\u0103ng c\u0169ng l\u00e0 y\u1ebfu t\u1ed1 b\u1ed5 sung h\u1ed7 tr\u1ee3 nhu c\u1ea7u \u0111\u1ed3ng.<\/p>\n<h3>H\u1ea1n ch\u1ebf ph\u00eda cung: Nh\u1eefng r\u00e0o c\u1ea3n c\u01a1 c\u1ea5u trong ph\u00e1t tri\u1ec3n m\u1ecf<\/h3>\n<p>V\u1ec1 ph\u00eda cung, nhi\u1ec1u h\u1ea1n ch\u1ebf c\u01a1 c\u1ea5u \u0111ang c\u00f9ng l\u00fac t\u00e1c \u0111\u1ed9ng. H\u00e0m l\u01b0\u1ee3ng qu\u1eb7ng (ore grade) \u0111\u00e3 gi\u1ea3m t\u1eeb m\u1ee9c 1\u20132% trong qu\u00e1 kh\u1ee9 xu\u1ed1ng d\u01b0\u1edbi 0,7% hi\u1ec7n nay, \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c c\u1ea7n x\u1eed l\u00fd nhi\u1ec1u qu\u1eb7ng h\u01a1n \u0111\u1ec3 s\u1ea3n xu\u1ea5t c\u00f9ng m\u1ed9t l\u01b0\u1ee3ng \u0111\u1ed3ng. C\u00e1c m\u1ecf l\u1edbn t\u1ea1i Chile nh\u01b0 Codelco, Escondida v\u00e0 El Teniente \u0111ang c\u00f3 xu h\u01b0\u1edbng s\u1ea3n l\u01b0\u1ee3ng gi\u1ea3m d\u1ea7n, trong khi t\u00ecnh tr\u1ea1ng thi\u1ebfu n\u01b0\u1edbc t\u1ea1i sa m\u1ea1c Atacama v\u00e0 c\u00e1c gi\u00e1n \u0111o\u1ea1n s\u1ea3n xu\u1ea5t li\u00ean quan \u0111\u1ebfn ESG c\u0169ng l\u00e0m h\u1ea1n ch\u1ebf ngu\u1ed3n cung. V\u1edbi \u0111\u1eb7c th\u00f9 c\u01a1 c\u1ea5u l\u00e0 trung b\u00ecnh m\u1ea5t 17 n\u0103m t\u1eeb khi ph\u00e1t hi\u1ec7n m\u1ecf m\u1edbi \u0111\u1ebfn khi b\u1eaft \u0111\u1ea7u s\u1ea3n xu\u1ea5t, v\u00e0 ri\u00eang vi\u1ec7c xin c\u1ea5p ph\u00e9p \u0111\u00e3 m\u1ea5t trung b\u00ecnh 3\u20135 n\u0103m, vi\u1ec7c kh\u00f4ng c\u00f3 d\u1ef1 \u00e1n l\u1edbn n\u00e0o \u0111\u01b0\u1ee3c ph\u00ea duy\u1ec7t trong giai \u0111o\u1ea1n 2020\u20132024 c\u00f3 th\u1ec3 l\u00e0m tr\u1ea7m tr\u1ecdng th\u00eam t\u00ecnh tr\u1ea1ng thi\u1ebfu h\u1ee5t ngu\u1ed3n cung sau n\u0103m 2027.<\/p>\n<p>Ngay c\u1ea3 khi vi\u1ec7c ph\u00e1t tri\u1ec3n m\u1ecf m\u1edbi b\u1ecb tr\u00ec ho\u00e3n, th\u1ecb tr\u01b0\u1eddng \u0111\u1ed3ng tinh luy\u1ec7n v\u1eabn c\u00f3 th\u1ec3 xu\u1ea5t hi\u1ec7n t\u00ecnh tr\u1ea1ng d\u01b0 cung trong ng\u1eafn h\u1ea1n. \u0110\u1ec3 hi\u1ec3u t\u1ea1i sao hai hi\u1ec7n t\u01b0\u1ee3ng n\u00e0y c\u00f3 th\u1ec3 x\u1ea3y ra \u0111\u1ed3ng th\u1eddi v\u00e0 s\u1ef1 thay \u0111\u1ed5i trong c\u00e2n b\u1eb1ng th\u1ecb tr\u01b0\u1eddng, c\u1ea7n tham kh\u1ea3o th\u00eam ph\u00e2n t\u00edch cung c\u1ea7u v\u00e0 tri\u1ec3n v\u1ecdng th\u1ecb tr\u01b0\u1eddng \u0111\u1ed3ng giai \u0111o\u1ea1n 2026\u20132030.<\/p>\n<h3>Bi\u1ebfn s\u1ed1 Trung Qu\u1ed1c: H\u01b0\u1edbng \u0111i c\u1ee7a n\u01b0\u1edbc ti\u00eau th\u1ee5 l\u1edbn nh\u1ea5t th\u1ebf gi\u1edbi<\/h3>\n<p>Trung Qu\u1ed1c chi\u1ebfm kho\u1ea3ng 60% l\u01b0\u1ee3ng ti\u00eau th\u1ee5 \u0111\u1ed3ng to\u00e0n c\u1ea7u. N\u1ebfu th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n ti\u1ebfp t\u1ee5c suy tho\u00e1i k\u00e9o d\u00e0i, nhu c\u1ea7u \u0111\u1ed3ng t\u1eeb l\u0129nh v\u1ef1c x\u00e2y d\u1ef1ng s\u1ebd suy y\u1ebfu, tuy nhi\u00ean s\u1ef1 ph\u1ee5c h\u1ed3i c\u1ee7a ng\u00e0nh s\u1ea3n xu\u1ea5t v\u00e0 vi\u1ec7c m\u1edf r\u1ed9ng \u0111\u1ea7u t\u01b0 v\u00e0o l\u01b0\u1edbi \u0111i\u1ec7n c\u00f3 th\u1ec3 b\u00f9 \u0111\u1eafp ph\u1ea7n n\u00e0o. M\u1ee9c \u0111\u1ed9 k\u00edch th\u00edch kinh t\u1ebf c\u1ee7a ch\u00ednh ph\u1ee7 Trung Qu\u1ed1c c\u00f9ng t\u1ed1c \u0111\u1ed9 \u0111\u1ea7u t\u01b0 v\u00e0o xe \u0111i\u1ec7n v\u00e0 n\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o l\u00e0 nh\u1eefng bi\u1ebfn s\u1ed1 then ch\u1ed1t quy\u1ebft \u0111\u1ecbnh c\u00e2n b\u1eb1ng cung c\u1ea7u \u0111\u1ed3ng. Bi\u1ebfn \u0111\u1ed9ng m\u1ee9c t\u1ed3n kho t\u1ea1i S\u00e0n giao d\u1ecbch h\u00e0ng h\u00f3a k\u1ef3 h\u1ea1n Th\u01b0\u1ee3ng H\u1ea3i (SHFE) l\u00e0 ch\u1ec9 s\u1ed1 h\u1eefu \u00edch \u0111\u1ec3 theo d\u00f5i xu h\u01b0\u1edbng nhu c\u1ea7u th\u1ef1c t\u1ebf trong n\u01b0\u1edbc c\u1ee7a Trung Qu\u1ed1c.<\/p>\n<h2>Tri\u1ec3n v\u1ecdng d\u00e0i h\u1ea1n 2027\u20132030: T\u00ecnh tr\u1ea1ng thi\u1ebfu h\u1ee5t cung c\u00f3 tr\u1edf n\u00ean nghi\u00eam tr\u1ecdng h\u01a1n kh\u00f4ng?<\/h2>\n<p>\u0110\u1ed1i v\u1edbi giai \u0111o\u1ea1n sau n\u0103m 2027, c\u00e1c d\u1ef1 b\u00e1o \u0111i\u1ec3m \u0111\u00e1ng tin c\u1eady c\u00f2n r\u1ea5t h\u1ea1n ch\u1ebf. N\u1ed9i dung d\u01b0\u1edbi \u0111\u00e2y d\u1ef1a tr\u00ean c\u00e1c d\u1ef1 b\u00e1o \u0111\u1ecbnh h\u01b0\u1edbng t\u1eeb c\u00e1c t\u1ed5 ch\u1ee9c \u0111\u00e3 c\u00f4ng b\u1ed1 v\u00e0 ph\u00e2n t\u00edch xu h\u01b0\u1edbng, v\u00e0 c\u1ea7n \u0111\u01b0\u1ee3c hi\u1ec3u l\u00e0 tri\u1ec3n v\u1ecdng \u0111\u1ecbnh h\u01b0\u1edbng d\u00e0i h\u1ea1n, kh\u00f4ng ph\u1ea3i d\u1ef1 b\u00e1o gi\u00e1 x\u00e1c \u0111\u1ecbnh.<\/p>\n<h3>2027\u20132028: T\u00e1c \u0111\u1ed9ng c\u1ee7a thu\u1ebf quan v\u00e0 t\u00e1i c\u00e2n b\u1eb1ng cung c\u1ea7u<\/h3>\n<p>Bank of America d\u1ef1 b\u00e1o gi\u00e1 \u0111\u1ed3ng n\u0103m 2027 \u1edf m\u1ee9c kho\u1ea3ng 14.675\u201315.250 USD\/t\u1ea5n (theo c\u00f4ng b\u1ed1 th\u00e1ng 10\/2026). Trong giai \u0111o\u1ea1n n\u00e0y, khi ch\u00ednh s\u00e1ch thu\u1ebf quan c\u1ee7a M\u1ef9 \u0111\u01b0\u1ee3c x\u00e1c \u0111\u1ecbnh r\u00f5 r\u00e0ng, ch\u00eanh l\u1ec7ch gi\u00e1 gi\u1eefa COMEX v\u00e0 LME c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh. Ngo\u00e0i ra, do kh\u00f4ng c\u00f3 d\u1ef1 \u00e1n m\u1ecf m\u1edbi n\u00e0o \u0111\u01b0\u1ee3c ph\u00ea duy\u1ec7t trong giai \u0111o\u1ea1n 2020\u20132024, m\u1ee9c t\u0103ng ngu\u1ed3n cung trong th\u1eddi k\u1ef3 n\u00e0y v\u1eabn \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o l\u00e0 h\u1ea1n ch\u1ebf. C\u00e2n b\u1eb1ng cung c\u1ea7u c\u00f3 th\u1ec3 thay \u0111\u1ed5i \u0111\u00e1ng k\u1ec3 t\u00f9y thu\u1ed9c v\u00e0o t\u1ed1c \u0111\u1ed9 ph\u1ee5c h\u1ed3i nhu c\u1ea7u c\u1ee7a Trung Qu\u1ed1c v\u00e0 quy m\u00f4 \u0111\u1ea7u t\u01b0 n\u0103ng l\u01b0\u1ee3ng t\u00e1i t\u1ea1o to\u00e0n c\u1ea7u.<\/p>\n<h3>2029\u20132030: T\u00ecnh tr\u1ea1ng thi\u1ebfu h\u1ee5t cung c\u01a1 c\u1ea5u b\u1eaft \u0111\u1ea7u hi\u1ec7n r\u00f5<\/h3>\n<p>Goldman Sachs t\u1eebng \u0111\u01b0a ra tri\u1ec3n v\u1ecdng \u0111\u1ecbnh h\u01b0\u1edbng d\u00e0i h\u1ea1n v\u1edbi m\u1ee9c kho\u1ea3ng 12.000 USD\/t\u1ea5n v\u00e0o n\u0103m 2029 v\u00e0 kho\u1ea3ng 12.250 USD\/t\u1ea5n v\u00e0o n\u0103m 2030, ph\u1ea3n \u00e1nh m\u1ed9t ph\u1ea7n \u0111i\u1ec1u ch\u1ec9nh sau giai \u0111o\u1ea1n t\u0103ng m\u1ea1nh ng\u1eafn h\u1ea1n. BMI (Fitch Solutions) \u0111\u01b0a ra \u0111\u1ecbnh h\u01b0\u1edbng d\u00e0i h\u1ea1n r\u1eb1ng th\u00e2m h\u1ee5t cung c\u01a1 c\u1ea5u c\u00f3 th\u1ec3 \u0111\u1ea9y gi\u00e1 l\u00ean m\u1ee9c 17.000 USD\/t\u1ea5n v\u00e0o n\u0103m 2035. C\u01a1 quan N\u0103ng l\u01b0\u1ee3ng Qu\u1ed1c t\u1ebf (IEA) c\u0169ng c\u1ea3nh b\u00e1o v\u1ec1 kh\u1ea3 n\u0103ng thi\u1ebfu h\u1ee5t cung c\u01a1 c\u1ea5u do qu\u00e1 tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i n\u0103ng l\u01b0\u1ee3ng t\u0103ng t\u1ed1c. Tuy nhi\u00ean, vi\u1ec7c c\u00e1c d\u1ef1 b\u00e1o d\u00e0i h\u1ea1n n\u00e0y c\u00f3 th\u00e0nh hi\u1ec7n th\u1ef1c hay kh\u00f4ng c\u00f2n ph\u1ee5 thu\u1ed9c v\u00e0o nhi\u1ec1u bi\u1ebfn s\u1ed1 nh\u01b0 thay \u0111\u1ed5i c\u00f4ng ngh\u1ec7, ph\u00e1t tri\u1ec3n v\u1eadt li\u1ec7u thay th\u1ebf v\u00e0 s\u1ef1 gia t\u0103ng ngu\u1ed3n cung \u0111\u1ed3ng t\u00e1i ch\u1ebf.<\/p>\n<h3>S\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn trong tri\u1ec3n v\u1ecdng d\u00e0i h\u1ea1n v\u00e0 c\u00e1c gi\u1ea3 \u0111\u1ecbnh theo t\u1eebng k\u1ecbch b\u1ea3n<\/h3>\n<p>D\u01b0\u1edbi \u0111\u00e2y l\u00e0 t\u1ed5ng h\u1ee3p c\u00e1c k\u1ecbch b\u1ea3n ch\u00ednh trong tri\u1ec3n v\u1ecdng d\u00e0i h\u1ea1n nh\u1eb1m m\u1ee5c \u0111\u00edch tham kh\u1ea3o v\u00e0 gi\u00e1o d\u1ee5c. \u0110\u00e2y kh\u00f4ng ph\u1ea3i d\u1ef1 b\u00e1o ch\u00ednh th\u1ee9c c\u1ee7a b\u1ea5t k\u1ef3 t\u1ed5 ch\u1ee9c c\u1ee5 th\u1ec3 n\u00e0o, m\u00e0 l\u00e0 c\u00e1c k\u1ecbch b\u1ea3n \u0111\u1ecbnh h\u01b0\u1edbng d\u1ef1a tr\u00ean c\u00e1c t\u1ed5 h\u1ee3p bi\u1ebfn s\u1ed1 cung c\u1ea7u kh\u00e1c nhau.<\/p>\n<h2>C\u00e1c y\u1ebfu t\u1ed1 r\u1ee7i ro c\u00f3 th\u1ec3 khi\u1ebfn gi\u00e1 \u0111\u1ed3ng gi\u1ea3m<\/h2>\n<p>\u0110\u1ec3 c\u00e2n b\u1eb1ng g\u00f3c nh\u00ecn kh\u00f4ng b\u1ecb thi\u00ean l\u1ec7ch v\u1ec1 ph\u00eda k\u1ecbch b\u1ea3n t\u0103ng gi\u00e1, ch\u00fang ta c\u1ea7n xem x\u00e9t c\u00e1c y\u1ebfu t\u1ed1 r\u1ee7i ro ch\u00ednh c\u00f3 th\u1ec3 d\u1eabn \u0111\u1ebfn s\u1ef1 s\u1ee5t gi\u1ea3m gi\u00e1 \u0111\u1ed3ng.<\/p>\n<h3>Kinh t\u1ebf Trung Qu\u1ed1c suy tho\u00e1i k\u00e9o d\u00e0i<\/h3>\n<p>N\u1ebfu th\u1ecb tr\u01b0\u1eddng b\u1ea5t \u0111\u1ed9ng s\u1ea3n Trung Qu\u1ed1c suy tho\u00e1i k\u00e9o d\u00e0i h\u01a1n d\u1ef1 ki\u1ebfn, nhu c\u1ea7u \u0111\u1ed3ng t\u1eeb l\u0129nh v\u1ef1c x\u00e2y d\u1ef1ng c\u00f3 th\u1ec3 suy gi\u1ea3m \u0111\u1ee7 \u0111\u1ec3 tri\u1ec7t ti\u00eau m\u1ee9c t\u0103ng nhu c\u1ea7u t\u1eeb qu\u00e1 tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i n\u0103ng l\u01b0\u1ee3ng. N\u1ebfu s\u1ef1 ph\u1ee5c h\u1ed3i c\u1ee7a ng\u00e0nh s\u1ea3n xu\u1ea5t Trung Qu\u1ed1c b\u1ecb tr\u00ec ho\u00e3n ho\u1eb7c xu\u1ea5t kh\u1ea9u ti\u1ebfp t\u1ee5c ch\u1eadm l\u1ea1i, kh\u00f4ng th\u1ec3 lo\u1ea1i tr\u1eeb kh\u1ea3 n\u0103ng c\u00e2n b\u1eb1ng cung c\u1ea7u \u0111\u1ed3ng to\u00e0n c\u1ea7u chuy\u1ec3n sang tr\u1ea1ng th\u00e1i d\u01b0 cung.<\/p>\n<h3>Kh\u1ea3 n\u0103ng thay th\u1ebf b\u1eb1ng nh\u00f4m<\/h3>\n<p>Trong m\u1ed9t s\u1ed1 ph\u00e2n kh\u00fac c\u00e1p l\u01b0\u1edbi \u0111i\u1ec7n, nh\u00f4m \u0111ang ng\u00e0y c\u00e0ng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 thay th\u1ebf \u0111\u1ed3ng. Nh\u00f4m nh\u1eb9 h\u01a1n v\u00e0 r\u1ebb h\u01a1n \u0111\u1ed3ng nh\u01b0ng c\u00f3 \u0111\u1ed9 d\u1eabn \u0111i\u1ec7n th\u1ea5p h\u01a1n, n\u00ean kh\u00f4ng th\u1ec3 thay th\u1ebf ho\u00e0n to\u00e0n. Tuy nhi\u00ean, n\u1ebfu c\u00f4ng ngh\u1ec7 ti\u1ebfp t\u1ee5c ph\u00e1t tri\u1ec3n v\u00e0 ch\u00eanh l\u1ec7ch gi\u00e1 gi\u1eefa hai kim lo\u1ea1i ng\u00e0y c\u00e0ng l\u1edbn, t\u1ed1c \u0111\u1ed9 thay th\u1ebf c\u00f3 th\u1ec3 t\u0103ng nhanh h\u01a1n, t\u1ea1o \u00e1p l\u1ef1c gi\u1ea3m l\u00ean tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng nhu c\u1ea7u \u0111\u1ed3ng.<\/p>\n<h3>R\u1ee7i ro thanh l\u00fd v\u1ecb th\u1ebf \u0111\u1ea7u c\u01a1<\/h3>\n<p>N\u1ebfu t\u1ed3n kho LME t\u0103ng \u0111\u1ed9t bi\u1ebfn ho\u1eb7c \u0111\u1ed3ng USD chuy\u1ec3n sang xu h\u01b0\u1edbng t\u0103ng m\u1ea1nh, c\u00e1c v\u1ecb th\u1ebf long \u0111\u1ea7u c\u01a1 t\u00edch l\u0169y tr\u00ean th\u1ecb tr\u01b0\u1eddng h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai \u0111\u1ed3ng c\u00f3 th\u1ec3 b\u1ecb thanh l\u00fd \u0111\u1ed3ng lo\u1ea1t, khi\u1ebfn gi\u00e1 gi\u1ea3m m\u1ea1nh. Thay \u0111\u1ed5i trong ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang M\u1ef9 (Fed) v\u00e0 s\u1ee9c m\u1ea1nh c\u1ee7a \u0111\u1ed3ng USD c\u00f3 t\u00e1c \u0111\u1ed9ng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn gi\u00e1 \u0111\u1ed3ng \u2013 m\u1ed9t lo\u1ea1i h\u00e0ng h\u00f3a \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 b\u1eb1ng USD. USD m\u1ea1nh th\u01b0\u1eddng t\u1ea1o \u00e1p l\u1ef1c gi\u1ea3m gi\u00e1 \u0111\u1ed3ng, trong khi USD y\u1ebfu c\u00f3 xu h\u01b0\u1edbng h\u1ed7 tr\u1ee3 gi\u00e1 \u0111\u1ed3ng t\u0103ng.<\/p>\n<h2>C\u00e1c c\u00e1ch \u0111\u1ea7u t\u01b0 v\u00e0o \u0111\u1ed3ng: So s\u00e1nh h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai, CFD v\u00e0 ETF<\/h2>\n<p>C\u00f3 ba ph\u01b0\u01a1ng th\u1ee9c ch\u00ednh \u0111\u1ec3 ti\u1ebfp c\u1eadn bi\u1ebfn \u0111\u1ed9ng gi\u00e1 \u0111\u1ed3ng: h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai, h\u1ee3p \u0111\u1ed3ng ch\u00eanh l\u1ec7ch (CFD) v\u00e0 ETF. M\u1ed7i ph\u01b0\u01a1ng th\u1ee9c c\u00f3 \u0111\u1eb7c \u0111i\u1ec3m kh\u00e1c nhau v\u1ec1 kh\u1ea3 n\u0103ng ti\u1ebfp c\u1eadn, c\u01a1 c\u1ea5u chi ph\u00ed v\u00e0 \u0111\u1eb7c t\u00ednh r\u1ee7i ro, v\u00ec v\u1eady c\u1ea7n l\u1ef1a ch\u1ecdn ph\u01b0\u01a1ng th\u1ee9c ph\u00f9 h\u1ee3p v\u1edbi m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 v\u00e0 m\u1ee9c \u0111\u1ed9 kinh nghi\u1ec7m c\u1ee7a b\u1ea3n th\u00e2n.<\/p>\n<p>Ph\u00e2n t\u00edch xu h\u01b0\u1edbng gi\u00e1 \u0111\u1ed3ng v\u00e0 l\u1ef1a ch\u1ecdn c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 th\u1ef1c t\u1ebf l\u00e0 hai v\u1ea5n \u0111\u1ec1 kh\u00e1c nhau. \u0110\u1ec3 so s\u00e1nh chi ti\u1ebft chi ph\u00ed v\u00e0 r\u1ee7i ro theo t\u1eebng ph\u01b0\u01a1ng th\u1ee9c giao d\u1ecbch c\u0169ng nh\u01b0 c\u00e1c y\u1ebfu t\u1ed1 c\u1ea7n c\u00e2n nh\u1eafc theo t\u1eebng k\u1ef3 \u0111\u1ea7u t\u01b0, b\u1ea1n c\u00f3 th\u1ec3 tham kh\u1ea3o th\u00eam tri\u1ec3n v\u1ecdng \u0111\u1ea7u t\u01b0 \u0111\u1ed3ng v\u00e0 \u0111\u1eb7c \u0111i\u1ec3m c\u1ee7a c\u00e1c c\u00f4ng c\u1ee5 \u0111\u1ea7u t\u01b0 ch\u00ednh.<\/p>\n<h3>H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai LME v\u00e0 COMEX: Ch\u1ee7 y\u1ebfu d\u00e0nh cho nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c<\/h3>\n<p>H\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai k\u1ef3 h\u1ea1n 3 th\u00e1ng c\u1ee7a LME v\u00e0 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai HG c\u1ee7a COMEX l\u00e0 c\u00f4ng c\u1ee5 ph\u00f2ng ng\u1eeba r\u1ee7i ro ch\u1ee7 y\u1ebfu \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u1ed5 ch\u1ee9c v\u00e0 doanh nghi\u1ec7p c\u00f4ng nghi\u1ec7p s\u1eed d\u1ee5ng. Quy m\u00f4 h\u1ee3p \u0111\u1ed3ng l\u1edbn (25.000 pound theo ti\u00eau chu\u1ea9n COMEX) v\u00e0 y\u00eau c\u1ea7u k\u00fd qu\u1ef9 cao khi\u1ebfn nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n kh\u00f3 ti\u1ebfp c\u1eadn tr\u1ef1c ti\u1ebfp. Khi h\u1ee3p \u0111\u1ed3ng \u0111\u00e1o h\u1ea1n, c\u1ea7n chuy\u1ec3n sang h\u1ee3p \u0111\u1ed3ng th\u00e1ng ti\u1ebfp theo (rollover) v\u00e0 ph\u00e1t sinh chi ph\u00ed rollover; trong \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng contango, chi ph\u00ed n\u00e0y c\u00f3 th\u1ec3 t\u00edch l\u0169y th\u00e0nh kho\u1ea3n l\u1ed7 theo th\u1eddi gian.<\/p>\n<h3>CFD \u0111\u1ed3ng: Ph\u01b0\u01a1ng th\u1ee9c ti\u1ebfp c\u1eadn d\u00e0nh cho nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00e1 nh\u00e2n<\/h3>\n<p>H\u1ee3p \u0111\u1ed3ng ch\u00eanh l\u1ec7ch (CFD) l\u00e0 s\u1ea3n ph\u1ea9m ph\u00e1i sinh cho ph\u00e9p thanh to\u00e1n l\u00e3i\/l\u1ed7 d\u1ef1a tr\u00ean ch\u00eanh l\u1ec7ch gi\u00e1 m\u00e0 kh\u00f4ng c\u1ea7n n\u1eafm gi\u1eef \u0111\u1ed3ng v\u1eadt ch\u1ea5t. CFD cho ph\u00e9p m\u1edf v\u1ecb th\u1ebf theo c\u1ea3 hai chi\u1ec1u \u2013 mua (long) v\u00e0 b\u00e1n (short) \u2013 v\u00e0 c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y \u0111\u1ec3 ti\u1ebfp c\u1eadn gi\u00e1 tr\u1ecb danh ngh\u0129a l\u1edbn v\u1edbi m\u1ee9c k\u00fd qu\u1ef9 nh\u1ecf. Tuy nhi\u00ean, \u0111\u00f2n b\u1ea9y khu\u1ebfch \u0111\u1ea1i c\u1ea3 l\u1ee3i nhu\u1eadn l\u1eabn thua l\u1ed7, do \u0111\u00f3 n\u1ebfu th\u1ecb tr\u01b0\u1eddng di\u1ec5n bi\u1ebfn ng\u01b0\u1ee3c chi\u1ec1u d\u1ef1 \u0111o\u00e1n, kho\u1ea3n l\u1ed7 c\u00f3 th\u1ec3 v\u01b0\u1ee3t qu\u00e1 s\u1ed1 ti\u1ec1n k\u00fd qu\u1ef9 ban \u0111\u1ea7u. Chi ph\u00ed giao d\u1ecbch CFD g\u1ed3m ba lo\u1ea1i: Th\u1ee9 nh\u1ea5t, spread (ch\u00eanh l\u1ec7ch bid-ask) l\u00e0 kho\u1ea3n ch\u00eanh l\u1ec7ch gi\u1eefa gi\u00e1 mua v\u00e0 gi\u00e1 b\u00e1n, ph\u00e1t sinh ngay t\u1ea1i th\u1eddi \u0111i\u1ec3m giao d\u1ecbch. Th\u1ee9 hai, ph\u00ed swap qua \u0111\u00eam (overnight financing charge) l\u00e0 chi ph\u00ed t\u00e0i ch\u00ednh ph\u00e1t sinh h\u00e0ng ng\u00e0y khi gi\u1eef v\u1ecb th\u1ebf qua \u0111\u00eam, t\u00e1ch bi\u1ec7t v\u1edbi spread. Th\u1ee9 ba, k\u00fd qu\u1ef9 (margin) l\u00e0 kho\u1ea3n ti\u1ec1n \u0111\u1eb7t c\u1ecdc c\u1ea7n duy tr\u00ec trong t\u00e0i kho\u1ea3n \u0111\u1ec3 gi\u1eef v\u1ecb th\u1ebf, kh\u00f4ng n\u00ean nh\u1ea7m l\u1eabn v\u1edbi ph\u00ed giao d\u1ecbch (fee). \u0110\u1ec3 bi\u1ebft c\u00e1c \u0111i\u1ec1u ki\u1ec7n c\u1ee5 th\u1ec3 c\u1ee7a CFD \u0111\u1ed3ng t\u1ea1i M4Markets (m\u00e3 giao d\u1ecbch, spread, \u0111\u00f2n b\u1ea9y, swap, v.v.), vui l\u00f2ng ki\u1ec3m tra tr\u1ef1c ti\u1ebfp tr\u00ean t\u00e0i li\u1ec7u ch\u00ednh th\u1ee9c c\u1ee7a n\u1ec1n t\u1ea3ng.<\/p>\n<h3>ETF \u0111\u1ed3ng: S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa CPER v\u00e0 COPX<\/h3>\n<p>ETF \u0111\u1ed3ng \u0111\u01b0\u1ee3c chia th\u00e0nh hai lo\u1ea1i. CPER l\u00e0 ETF theo d\u00f5i h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai \u0111\u1ed3ng, c\u00f3 th\u1ec3 ph\u00e1t sinh t\u1ed5n th\u1ea5t l\u1ee3i nhu\u1eadn do chi ph\u00ed rollover khi th\u1ecb tr\u01b0\u1eddng t\u01b0\u01a1ng lai \u1edf tr\u1ea1ng th\u00e1i contango. Khi n\u1eafm gi\u1eef d\u00e0i h\u1ea1n, chi ph\u00ed n\u00e0y t\u00edch l\u0169y d\u1ea7n v\u00e0 c\u00f3 th\u1ec3 khi\u1ebfn ETF kh\u00f4ng ph\u1ea3n \u00e1nh \u0111\u1ea7y \u0111\u1ee7 m\u1ee9c t\u0103ng c\u1ee7a gi\u00e1 giao ngay. COPX l\u00e0 ETF \u0111\u1ea7u t\u01b0 v\u00e0o c\u1ed5 phi\u1ebfu c\u00e1c c\u00f4ng ty khai th\u00e1c \u0111\u1ed3ng, ch\u1ecbu \u1ea3nh h\u01b0\u1edfng kh\u00f4ng ch\u1ec9 t\u1eeb gi\u00e1 \u0111\u1ed3ng m\u00e0 c\u00f2n t\u1eeb k\u1ebft qu\u1ea3 kinh doanh c\u1ee7a t\u1eebng doanh nghi\u1ec7p, chi ph\u00ed s\u1ea3n xu\u1ea5t, r\u1ee7i ro \u0111\u1ecba ch\u00ednh tr\u1ecb v\u00e0 nhi\u1ec1u bi\u1ebfn s\u1ed1 kh\u00e1c. Hai ETF n\u00e0y c\u00f3 c\u00e1ch ti\u1ebfp c\u1eadn bi\u1ebfn \u0111\u1ed9ng gi\u00e1 \u0111\u1ed3ng ho\u00e0n to\u00e0n kh\u00e1c nhau v\u1ec1 b\u1ea3n ch\u1ea5t, do \u0111\u00f3 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n ph\u00e2n bi\u1ec7t r\u00f5 v\u00e0 l\u1ef1a ch\u1ecdn ph\u00f9 h\u1ee3p v\u1edbi m\u1ee5c ti\u00eau \u0111\u1ea7u t\u01b0 c\u1ee7a m\u00ecnh.<\/p>\n<h3>So s\u00e1nh chi ph\u00ed v\u00e0 r\u1ee7i ro theo t\u1eebng ph\u01b0\u01a1ng th\u1ee9c \u0111\u1ea7u t\u01b0<\/h3>\n<h2>Nh\u1eefng r\u1ee7i ro c\u1ea7n bi\u1ebft khi giao d\u1ecbch \u0111\u1ed3ng<\/h2>\n<p>C\u1ea3nh b\u00e1o r\u1ee7i ro: H\u1ee3p \u0111\u1ed3ng ch\u00eanh l\u1ec7ch (CFD) l\u00e0 c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh ph\u1ee9c t\u1ea1p, ti\u1ec1m \u1ea9n r\u1ee7i ro cao. \u0110\u00f2n b\u1ea9y c\u00f3 th\u1ec3 khu\u1ebfch \u0111\u1ea1i c\u1ea3 l\u1ee3i nhu\u1eadn l\u1eabn thua l\u1ed7, v\u00e0 t\u00f9y theo \u0111i\u1ec1u ki\u1ec7n th\u1ecb tr\u01b0\u1eddng, b\u1ea1n c\u00f3 th\u1ec3 m\u1ea5t to\u00e0n b\u1ed9 v\u1ed1n \u0111\u1ea7u t\u01b0 ban \u0111\u1ea7u. Tr\u01b0\u1edbc khi b\u1eaft \u0111\u1ea7u giao d\u1ecbch, b\u1ea1n n\u00ean t\u00ecm hi\u1ec3u k\u1ef9 c\u1ea5u tr\u00fac s\u1ea3n ph\u1ea9m v\u00e0 c\u00e1c chi ph\u00ed li\u00ean quan, \u0111\u1ed3ng th\u1eddi th\u1ef1c h\u00e0nh tr\u00ean t\u00e0i kho\u1ea3n demo.<\/p>\n<p>Th\u1ecb tr\u01b0\u1eddng \u0111\u1ed3ng v\u1ed1n c\u00f3 bi\u1ebfn \u0111\u1ed9ng cao do \u0111\u1eb7c t\u00ednh h\u00e0ng h\u00f3a, v\u00e0 r\u1ee7i ro c\u00e0ng gia t\u0103ng khi s\u1eed d\u1ee5ng c\u00e1c s\u1ea3n ph\u1ea9m c\u00f3 \u0111\u00f2n b\u1ea9y. L\u1ec7nh d\u1eebng l\u1ed7 (stop-loss) gi\u00fap h\u1ea1n ch\u1ebf thua l\u1ed7 khi gi\u00e1 gi\u1ea3m \u0111\u1ed9t ng\u1ed9t ngo\u00e0i d\u1ef1 ki\u1ebfn, nh\u01b0ng trong tr\u01b0\u1eddng h\u1ee3p th\u1ecb tr\u01b0\u1eddng b\u1ecb gap gi\u00e1 ho\u1eb7c thanh kho\u1ea3n th\u1ea5p, l\u1ec7nh c\u00f3 th\u1ec3 kh\u00f4ng \u0111\u01b0\u1ee3c kh\u1edbp ch\u00ednh x\u00e1c t\u1ea1i m\u1ee9c \u0111\u00e3 \u0111\u1eb7t. Tr\u01b0\u1ee3t gi\u00e1 (slippage) l\u00e0 s\u1ef1 ch\u00eanh l\u1ec7ch gi\u1eefa gi\u00e1 \u0111\u1eb7t l\u1ec7nh v\u00e0 gi\u00e1 kh\u1edbp th\u1ef1c t\u1ebf, x\u1ea3y ra th\u01b0\u1eddng xuy\u00ean h\u01a1n trong c\u00e1c th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh. L\u1ec7nh g\u1ecdi k\u00fd qu\u1ef9 (margin call) ph\u00e1t sinh khi s\u1ed1 d\u01b0 t\u00e0i kho\u1ea3n gi\u1ea3m xu\u1ed1ng d\u01b0\u1edbi m\u1ee9c k\u00fd qu\u1ef9 duy tr\u00ec, v\u00e0 n\u1ebfu kh\u00f4ng b\u1ed5 sung k\u1ecbp th\u1eddi, v\u1ecb th\u1ebf c\u00f3 th\u1ec3 b\u1ecb thanh l\u00fd b\u1eaft bu\u1ed9c. Khi n\u1eafm gi\u1eef CFD \u0111\u1ed3ng qua \u0111\u00eam trong th\u1eddi gian d\u00e0i, ph\u00ed swap t\u00edch l\u0169y c\u00f3 th\u1ec3 l\u00e0m t\u0103ng \u0111\u00e1ng k\u1ec3 t\u1ed5ng chi ph\u00ed giao d\u1ecbch. M\u1ee9c \u0111\u1ed9 b\u1ea3o v\u1ec7 nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 th\u1ec3 kh\u00e1c nhau t\u00f9y theo ph\u01b0\u01a1ng th\u1ee9c \u0111\u1ea7u t\u01b0, ph\u00e1p nh\u00e2n c\u1ee7a nh\u00e0 m\u00f4i gi\u1edbi v\u00e0 quy \u0111\u1ecbnh ph\u00e1p l\u00fd \u00e1p d\u1ee5ng, v\u00ec v\u1eady b\u1ea1n c\u1ea7n \u0111\u1ecdc k\u1ef9 t\u00e0i li\u1ec7u ch\u00ednh th\u1ee9c v\u00e0 \u0111i\u1ec1u kho\u1ea3n d\u1ecbch v\u1ee5 tr\u01b0\u1edbc khi giao d\u1ecbch.<\/p>\n<h2>C\u00e2u h\u1ecfi th\u01b0\u1eddng g\u1eb7p<\/h2>\n<h3>T\u1ea1i sao gi\u00e1 \u0111\u1ed3ng tr\u00ean LME v\u00e0 COMEX l\u1ea1i kh\u00e1c nhau?<\/h3>\n<p>LME s\u1eed d\u1ee5ng \u0111\u01a1n v\u1ecb USD\/t\u1ea5n, c\u00f2n COMEX s\u1eed d\u1ee5ng USD\/pound. Ngo\u00e0i ra, k\u1ef3 v\u1ecdng v\u1ec1 thu\u1ebf nh\u1eadp kh\u1ea9u \u0111\u1ed3ng v\u00e0o M\u1ef9 c\u00f3 xu h\u01b0\u1edbng duy tr\u00ec gi\u00e1 COMEX \u1edf m\u1ee9c cao h\u01a1n (premium) so v\u1edbi LME. C\u1ea5u tr\u00fac h\u1ee3p \u0111\u1ed3ng v\u00e0 th\u00e0nh ph\u1ea7n tham gia th\u1ecb tr\u01b0\u1eddng c\u1ee7a hai s\u00e0n c\u0169ng kh\u00e1c nhau, do \u0111\u00f3 s\u1ef1 ch\u00eanh l\u1ec7ch gi\u00e1 mang \u00fd ngh\u0129a v\u01b0\u1ee3t ra ngo\u00e0i vi\u1ec7c quy \u0111\u1ed5i \u0111\u01a1n v\u1ecb \u0111\u01a1n thu\u1ea7n.<\/p>\n<h3>T\u1ea1i sao d\u1ef1 b\u00e1o gi\u00e1 \u0111\u1ed3ng l\u1ea1i kh\u00e1c nhau \u0111\u00e1ng k\u1ec3 gi\u1eefa c\u00e1c t\u1ed5 ch\u1ee9c?<\/h3>\n<p>Nguy\u00ean nh\u00e2n l\u00e0 do m\u1ed7i t\u1ed5 ch\u1ee9c c\u00f3 gi\u1ea3 \u0111\u1ecbnh kh\u00e1c nhau v\u1ec1 t\u1ed1c \u0111\u1ed9 ph\u1ee5c h\u1ed3i nhu c\u1ea7u t\u1eeb Trung Qu\u1ed1c, h\u01b0\u1edbng \u0111i c\u1ee7a ch\u00ednh s\u00e1ch thu\u1ebf quan M\u1ef9 v\u00e0 t\u1ed1c \u0111\u1ed9 t\u0103ng ngu\u1ed3n cung t\u1eeb c\u00e1c m\u1ecf m\u1edbi. B\u00ean c\u1ea1nh \u0111\u00f3, ngay c\u1ea3 c\u00f9ng m\u1ed9t t\u1ed5 ch\u1ee9c c\u0169ng c\u00f3 th\u1ec3 \u0111\u01b0a ra c\u00e1c con s\u1ed1 kh\u00e1c nhau t\u00f9y theo th\u1eddi \u0111i\u1ec3m c\u00f4ng b\u1ed1 d\u1ef1 b\u00e1o. Goldman Sachs \u0111\u00e3 c\u00f4ng b\u1ed1 c\u00e1c d\u1ef1 b\u00e1o kh\u00e1c nhau v\u00e0o th\u00e1ng 12\/2025 v\u00e0 th\u00e1ng 7\/2026, v\u00ec v\u1eady c\u1ea7n so s\u00e1nh d\u1ef1a tr\u00ean d\u1ef1 b\u00e1o m\u1edbi nh\u1ea5t.<\/p>\n<h3>Spread v\u00e0 ph\u00ed swap qua \u0111\u00eam trong giao d\u1ecbch CFD \u0111\u1ed3ng kh\u00e1c nhau nh\u01b0 th\u1ebf n\u00e0o?<\/h3>\n<p>Spread l\u00e0 ch\u00eanh l\u1ec7ch gi\u1eefa gi\u00e1 mua v\u00e0 gi\u00e1 b\u00e1n, l\u00e0 chi ph\u00ed ph\u00e1t sinh ngay khi m\u1edf v\u1ecb th\u1ebf. Ph\u00ed swap qua \u0111\u00eam l\u00e0 chi ph\u00ed t\u00e0i ch\u00ednh t\u00ednh theo ng\u00e0y khi n\u1eafm gi\u1eef v\u1ecb th\u1ebf qua h\u01a1n m\u1ed9t ng\u00e0y, v\u00e0 hai kho\u1ea3n chi ph\u00ed n\u00e0y ho\u00e0n to\u00e0n \u0111\u1ed9c l\u1eadp v\u1edbi nhau. K\u00fd qu\u1ef9 l\u00e0 kho\u1ea3n ti\u1ec1n \u0111\u1eb7t c\u1ecdc \u0111\u1ec3 duy tr\u00ec v\u1ecb th\u1ebf, kh\u00f4ng ph\u1ea3i ph\u00ed hay chi ph\u00ed giao d\u1ecbch.<\/p>\n<h3>N\u1eafm gi\u1eef ETF t\u01b0\u01a1ng lai \u0111\u1ed3ng (CPER) d\u00e0i h\u1ea1n s\u1ebd ph\u00e1t sinh nh\u1eefng chi ph\u00ed g\u00ec?<\/h3>\n<p>CPER ph\u00e1t sinh chi ph\u00ed trong qu\u00e1 tr\u00ecnh rollover, t\u1ee9c l\u00e0 thay th\u1ebf h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai s\u1eafp \u0111\u00e1o h\u1ea1n b\u1eb1ng h\u1ee3p \u0111\u1ed3ng th\u00e1ng ti\u1ebfp theo. Khi th\u1ecb tr\u01b0\u1eddng \u1edf tr\u1ea1ng th\u00e1i contango (gi\u00e1 h\u1ee3p \u0111\u1ed3ng xa h\u01a1n cao h\u01a1n h\u1ee3p \u0111\u1ed3ng g\u1ea7n h\u01a1n), thua l\u1ed7 t\u00edch l\u0169y qua m\u1ed7i l\u1ea7n rollover c\u00f3 th\u1ec3 khi\u1ebfn ETF kh\u00f4ng ph\u1ea3n \u00e1nh \u0111\u1ea7y \u0111\u1ee7 m\u1ee9c t\u0103ng c\u1ee7a gi\u00e1 \u0111\u1ed3ng giao ngay. Khi n\u1eafm gi\u1eef d\u00e0i h\u1ea1n, chi ph\u00ed n\u00e0y c\u00f3 th\u1ec3 t\u1ea1o ra s\u1ef1 ch\u00eanh l\u1ec7ch \u0111\u00e1ng k\u1ec3 v\u1ec1 l\u1ee3i nhu\u1eadn.<\/p>\n<h3>D\u1ef1 b\u00e1o gi\u00e1 \u0111\u1ed3ng giai \u0111o\u1ea1n 2028\u20132030 \u0111\u00e1ng tin c\u1eady \u0111\u1ebfn m\u1ee9c n\u00e0o?<\/h3>\n<p>C\u00e1c \u01b0\u1edbc t\u00ednh \u0111i\u1ec3m \u0111\u00e1ng tin c\u1eady cho giai \u0111o\u1ea1n n\u00e0y c\u00f2n kh\u00e1 h\u1ea1n ch\u1ebf. D\u1ef1 b\u00e1o \u0111\u1ecbnh h\u01b0\u1edbng d\u00e0i h\u1ea1n c\u1ee7a Goldman Sachs (12.000 USD\/t\u1ea5n v\u00e0o n\u0103m 2029 v\u00e0 12.250 USD\/t\u1ea5n v\u00e0o n\u0103m 2030) c\u00f9ng \u0111\u1ecbnh h\u01b0\u1edbng 17.000 USD\/t\u1ea5n v\u00e0o n\u0103m 2035 c\u1ee7a BMI c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c d\u00f9ng l\u00e0m t\u00e0i li\u1ec7u tham kh\u1ea3o, nh\u01b0ng kh\u1ea3 n\u0103ng th\u1ef1c hi\u1ec7n ph\u1ee5 thu\u1ed9c v\u00e0o nhi\u1ec1u bi\u1ebfn s\u1ed1 nh\u01b0 nhu c\u1ea7u t\u1eeb Trung Qu\u1ed1c, t\u1ed1c \u0111\u1ed9 chuy\u1ec3n \u0111\u1ed5i n\u0103ng l\u01b0\u1ee3ng v\u00e0 ngu\u1ed3n cung t\u1eeb c\u00e1c m\u1ecf m\u1edbi. C\u1ea7n lu\u00f4n ghi nh\u1edb r\u1eb1ng d\u1ef1 b\u00e1o c\u00e0ng d\u00e0i h\u1ea1n th\u00ec m\u1ee9c \u0111\u1ed9 b\u1ea5t \u0111\u1ecbnh c\u00e0ng cao.<\/p>\n<h2>C\u00e1c bi\u1ebfn s\u1ed1 cung c\u1ea7u c\u1ea7n theo d\u00f5i trong d\u1ef1 b\u00e1o gi\u00e1 \u0111\u1ed3ng<\/h2>\n<p>D\u1ef1 b\u00e1o gi\u00e1 \u0111\u1ed3ng t\u1eeb n\u0103m 2026 \u0111\u1ebfn 2030 l\u00e0 m\u1ed9t ph\u01b0\u01a1ng tr\u00ecnh ph\u1ee9c t\u1ea1p, trong \u0111\u00f3 nhu c\u1ea7u c\u1ea5u tr\u00fac t\u1eeb qu\u00e1 tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i n\u0103ng l\u01b0\u1ee3ng \u0111an xen v\u1edbi c\u00e1c r\u00e0ng bu\u1ed9c c\u1ea5u tr\u00fac t\u1eeb ph\u00eda cung. Phe l\u1ea1c quan d\u1ef1 b\u00e1o m\u1ee9c tr\u00ean 13.000 USD\/t\u1ea5n d\u1ef1a tr\u00ean nhu c\u1ea7u t\u1eeb xe \u0111i\u1ec7n (EV), trung t\u00e2m d\u1eef li\u1ec7u AI, h\u1ea1 t\u1ea7ng l\u01b0\u1edbi \u0111i\u1ec7n v\u00e0 gi\u1edbi h\u1ea1n ngu\u1ed3n cung khai th\u00e1c. Trong khi \u0111\u00f3, phe th\u1eadn tr\u1ecdng duy tr\u00ec quan \u0111i\u1ec3m b\u1ea3o th\u1ee7 do lo ng\u1ea1i v\u1ec1 s\u1ef1 b\u1ea5t \u0111\u1ecbnh trong nhu c\u1ea7u t\u1eeb Trung Qu\u1ed1c v\u00e0 kh\u1ea3 n\u0103ng d\u01b0 cung ng\u1eafn h\u1ea1n. \u0110\u1ec3 \u0111\u00e1nh gi\u00e1 k\u1ecbch b\u1ea3n n\u00e0o s\u1ebd x\u1ea3y ra, c\u1ea7n li\u00ean t\u1ee5c theo d\u00f5i t\u1ed1c \u0111\u1ed9 ph\u1ee5c h\u1ed3i kinh t\u1ebf Trung Qu\u1ed1c, h\u01b0\u1edbng \u0111i cu\u1ed1i c\u00f9ng c\u1ee7a ch\u00ednh s\u00e1ch thu\u1ebf quan M\u1ef9 v\u00e0 ti\u1ebfn \u0111\u1ed9 tri\u1ec3n khai c\u00e1c d\u1ef1 \u00e1n m\u1ecf m\u1edbi.<\/p>\n<p>Khi xem x\u00e9t c\u00e1c ph\u01b0\u01a1ng th\u1ee9c ti\u1ebfp c\u1eadn bi\u1ebfn \u0111\u1ed9ng gi\u00e1 \u0111\u1ed3ng, \u0111i\u1ec1u quan tr\u1ecdng l\u00e0 ph\u1ea3i hi\u1ec3u r\u00f5 c\u1ea5u tr\u00fac chi ph\u00ed v\u00e0 r\u1ee7i ro c\u1ee7a t\u1eebng c\u00f4ng c\u1ee5 \u2014 h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai, CFD hay ETF. \u0110\u1eb7c bi\u1ec7t, giao d\u1ecbch CFD s\u1eed d\u1ee5ng \u0111\u00f2n b\u1ea9y c\u00f3 th\u1ec3 khi\u1ebfn thua l\u1ed7 v\u01b0\u1ee3t qu\u00e1 v\u1ed1n ban \u0111\u1ea7u, v\u00ec v\u1eady tr\u01b0\u1edbc khi giao d\u1ecbch, b\u1ea1n c\u1ea7n \u0111\u1ecdc k\u1ef9 t\u00e0i li\u1ec7u m\u00f4 t\u1ea3 s\u1ea3n ph\u1ea9m ch\u00ednh th\u1ee9c v\u00e0 c\u00f4ng b\u1ed1 r\u1ee7i ro, \u0111\u1ed3ng th\u1eddi th\u1ef1c h\u00e0nh \u0111\u1ea7y \u0111\u1ee7 tr\u00ean t\u00e0i kho\u1ea3n demo tr\u01b0\u1edbc khi chuy\u1ec3n sang giao d\u1ecbch th\u1ef1c. Vi\u1ec7t Nam l\u00e0 m\u1ed9t trong nh\u1eefng qu\u1ed1c gia ti\u00eau th\u1ee5 \u0111\u1ed3ng \u0111\u00e1ng k\u1ec3, v\u00e0 bi\u1ebfn \u0111\u1ed9ng gi\u00e1 \u0111\u1ed3ng c\u0169ng t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn n\u1ec1n kinh t\u1ebf th\u1ef1c, bao g\u1ed3m ng\u00e0nh s\u1ea3n xu\u1ea5t v\u00e0 \u0111i\u1ec7n t\u1eed. B\u1ea1n c\u00f3 th\u1ec3 tham kh\u1ea3o c\u00e1c d\u1ef1 b\u00e1o th\u1ecb tr\u01b0\u1eddng, nh\u01b0ng m\u1ecdi quy\u1ebft \u0111\u1ecbnh \u0111\u1ea7u t\u01b0 \u0111\u1ec1u c\u1ea7n \u0111\u01b0\u1ee3c c\u00e2n nh\u1eafc th\u1eadn tr\u1ecdng d\u1ef1a tr\u00ean t\u00ecnh h\u00ecnh t\u00e0i ch\u00ednh c\u00e1 nh\u00e2n v\u00e0 m\u1ee9c \u0111\u1ed9 ch\u1ea5p nh\u1eadn r\u1ee7i ro c\u1ee7a b\u1ea3n th\u00e2n.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>N\u0103m 2026, th\u1ecb tr\u01b0\u1eddng \u0111\u1ed3ng \u0111ang tr\u1ea3i qua s\u1ef1 ph\u00e2n k\u1ef3 d\u1ef1 b\u00e1o hi\u1ebfm g\u1eb7p trong l\u1ecbch s\u1eed. Gi\u00e1 \u0111\u1ed3ng tr\u00ean S\u00e0n Giao d\u1ecbch Kim lo\u1ea1i London (LME) \u0111ang h\u00ecnh th\u00e0nh m\u1ed9t d\u1ea3i d\u1ef1 b\u00e1o r\u1ed9ng t\u1eeb kho\u1ea3ng 9.800 USD\/t\u1ea5n \u0111\u1ebfn h\u01a1n 15.000 USD\/t\u1ea5n gi\u1eefa c\u00e1c t\u1ed5 ch\u1ee9c l\u1edbn, trong b\u1ed1i c\u1ea3nh nhu c\u1ea7u chuy\u1ec3n d\u1ecbch n\u0103ng l\u01b0\u1ee3ng v\u00e0 c\u00e1c r\u00e0ng bu\u1ed9c c\u1ea5u tr\u00fac v\u1ec1 ph\u00eda cung \u0111an xen nhau. B\u00e0i vi\u1ebft n\u00e0y so s\u00e1nh d\u1ef1 b\u00e1o gi\u00e1 \u0111\u1ed3ng t\u1eeb n\u0103m 2026 \u0111\u1ebfn 2030 theo t\u1eebng t\u1ed5 ch\u1ee9c, \u0111\u1ed3ng th\u1eddi ph\u00e2n t\u00edch c\u00e2n b\u1eb1ng c\u1ea5u tr\u00fac cung c\u1ea7u v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 r\u1ee7i ro l\u00e0m c\u01a1 s\u1edf cho s\u1ef1 kh\u00e1c [&hellip;]<\/p>\n","protected":false},"author":41,"featured_media":564,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodity-trading"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>D\u1ef1 b\u00e1o gi\u00e1 \u0111\u1ed3ng 2026\u20132030 [B\u1ea3ng so s\u00e1nh theo t\u1ed5 ch\u1ee9c] C\u1ea5u tr\u00fac cung c\u1ea7u v\u00e0 k\u1ecbch b\u1ea3n t\u0103ng gi\u00e1\/gi\u1ea3m gi\u00e1<\/title>\n<meta name=\"description\" content=\"So s\u00e1nh d\u1ef1 b\u00e1o gi\u00e1 \u0111\u1ed3ng t\u1eeb n\u0103m 2026 \u0111\u1ebfn 2030 theo c\u00e1c t\u1ed5 ch\u1ee9c l\u1edbn nh\u01b0 Goldman Sachs, BofA, BMI. 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