U.S. dollar index hits three-year low

The U.S. dollar index dropped below the 99 mark in early trading on Monday, hitting its lowest point since April 2022.

The index, which measures the dollar against six major currencies, stood at 98.78, down 0.6 percent.

A reading above 100 indicates a strong position of the dollar, while a reading below 100 reflects weak position of the currency relative to world currencies.

China's commodity price index stood at 129.9 points in March, up 4 percent month on month and 14.5 percent year on year, according to data released by the China Federation of Logistics and Purchasing (CFLP) on Sunday.

Among the 50 major commodities under key monitoring by the CFLP, 38 recorded a month-on-month price increase in March.

Specifically, diesel, methanol and ethylene glycol led the gains, rising 30.5 percent, 30.4 percent and 29.3 percent, respectively, from the previous month.

Affected by imported factors such as tensions in the Middle East and a sharp rise in international crude oil prices, China's energy and chemical price indices rose significantly, up 16.5 percent and 21.8 percent month on month, respectively.

Driven by rising international fertilizer prices and growing demand for biofuels, China's agricultural product price index increased by 2.8 percent month on month.

Analysts noted that the sharp rise in the commodity price index in March comes from factors such as the recovery of the domestic commodity market, the good outcomes of policies, and the ongoing tensions in the Middle East.

Given the increasingly volatile international commodity prices and the rising uncertainties in importing energy, chemicals and other commodities, it is necessary to diversify the sources of raw materials, expand the use of alternative resources, and enhance the ability to resist and respond to risky factors that may cause fluctuation in markets, said the analysts.