Coffee futures prices mixed when it was reported that 500 trucks had delivered coffee to the main export port of Colombia…
Robusta chart London July 2021 session on June 1, 2021
Ending the first session of the week, the price of Robusta coffee on ICE Europe – London increased for the fifth consecutive session. The spot term for July delivery increased by 8 USD, to 1,591 USD/ton and the term for September delivery increased by 10 USD, to 1,615 USD/ton, a significant increase. Trading volume remained very high above average.
On the contrary, the price of Arabica coffee on the ICE US floor – New York reversed to decrease. July spot futures fell 1.30 cents to 161.05 cents/lb and September futures fell 1.25 cents to 163.05 cents/lb, significant declines. Trading volume remained very high above average.
The price of green coffee beans in the Central Highlands provinces increased by 100-200 VND, up to range from 33,500 to 34,600 VND/kg.
The price of exported 2.5% black Robusta coffee stood at $1,615 per ton, FOB – HCM, according to September futures prices in London.
The reais increased by 1.47%, the exchange rate rose to 1 USD = 5.1460 Reais in the general optimism of the world economy when crude oil and iron ore prices rose continuously.
The price of Robusta coffee in London continued its upward momentum due to a significant increase in demand as the main consuming markets in Europe eased the distance, while the General Statistics Office of Vietnam estimated exports in May only reached 2 .25 million bags, down more than 11% compared to the same period last year, bringing coffee exports in the first 5 months of 2021 down more than 11.4%.
The price of Arabica coffee decreased, which is common after the previous strong increase, while the New York market has entered the zone “overbought”.
The Federation of Coffee Producers (Fedecafé) in Colombia said there were more than 500 trucks transporting coffee to the main export port. Perhaps this also contributed to the reversal of futures prices on the New York Stock Exchange as the market eased short-term supply concerns.
Still, coffee traders in São Paulo, the heart of Brazil’s coffee trade, expect New York futures prices to hit 120 cents/lb this year, ahead of the possibility that the Fed will raise interest rates soon. USD base rate due to inflation exceeding expectations.
English (giacaphe.com)
