Arabica coffee prices return to the uptrend thanks to the support of a stronger greenback…
Robusta chart London September 2021 session on 08/07/2021
At the end of the session, the price of Robusta coffee on ICE Europe – London continued to increase. The September spot futures increased by 5 USD to 1,707 USD/ton and the November delivery term increased by 2 USD to 1,696 USD/ton, slight increases. Trading volume approximately average.
Similarly, the price of Arabica coffee on the ICE US floor – New York has the same upward trend. September spot futures increased by 2.30 cents to 152.05 cents/lb and December delivery increased 2.20 cents to 155.15 cents/lb, very significant gains. Trading volume remained very high above average.
The price of green coffee beans in the Central Highlands provinces increased from 0 to 100 dong, to range from 35,500 to 36,100 dong/kg.
The price of exported Robusta coffee, 2.5% black broken, stood at 1,707 USD/ton, FOB – HCM, according to September futures prices in London.
The reais rose 0.34 percent to $1 = 5,2560 reais, as USDX eased slightly as the US unemployment report was higher than expected and the political crisis in Brazil increased risk sentiment .
New York coffee prices returned to the upside as Brazil reported continued dry weather in Arabica-growing regions, which is normal during the harvest season but presents a potential risk of frost during the dry winter months. The concept of coffee business in this period is “weather business”. Speculation relies on weather reports to create waves in the futures market to make a profit.
London coffee prices remain fairly firm as fundamentals continue to support. The latest is preliminary information from the third survey trip to Brazil by Ms. Judy Ganes-Chase, president of a well-known consulting firm in Panama City. She said the damage from the last frost could account for about 1% of Brazil’s potential production, but the yield of the crop that is being harvested is not what she predicted in February and is even lower.
Global financial markets are awaiting news from the Fed’s policy meeting in July, with the expectation that economic stimulus policies will be maintained through 2023.
English (giacaphe.com)
