Coffee prices continue to weaken when it is forecasted that the weekend frost is no longer dangerous because the temperature will not drop to freezing…
Robusta chart London September 2021 session on July 29, 2021
At the end of the session, the price of Robusta coffee on ICE Europe – London reversed to decrease. The September spot futures fell by $45, down to $1,885 per tonne and the November delivery term dropped $43 to $1,900 per ton, sharp declines. Trading volume on average.
Similarly, the price of Arabica coffee on the ICE US floor – New York dropped for the third consecutive session. September spot futures fell another 3.95 cents to 196.50 cents/lb and December delivery fell another 4.05 cents to 199.30 cents/lb, significant declines. Trading volume maintained very well above average..
The price of green coffee beans in the Central Highlands provinces decreased by 600-700 VND, to range from 36,700 to 37,500 VND/kg.
Price of export Robusta coffee grade 2.5% black broken, standing at 1,785 USD/ton, FOB – HCM, with a deduction of 90-100 USD/ton according to the November futures price in London.
The reais rose 0.60%, the exchange rate rose to 1 USD = 5.0790 Reais due to concerns that the Fed could hardly bring inflation back to the target level soon, causing USDX to weaken again without tightening the currency. . While the possibility that Copom Brasil will raise the basic interest rate of the Reais in the upcoming meeting in early August seems certain.
Coffee futures prices continue to decline when the cold weather forecast to hit southern Brazil at the weekend is unlikely to cause frost, causing speculation on both exchanges to accelerate liquidation, continuing to take short-term profits. . However, coffee growing regions in Brazil are also wary of the possibility “black frost” as warned.
According to observers, contributing to the acceleration of liquidation is also because New York requires investors to raise the margin of futures contracts for the second time in a row in just one week for the purpose of reducing risks. This seems to reveal the possibility that coffee prices in the future will no longer fluctuate at low levels as before. This is also good news for coffee farmers around the world.
The General Statistics Office of Vietnam estimated that the main export of Robusta coffee in July was 110,000 tons (about 1.8 million bags), bringing coffee exports in the first 7 months of this year to a total of 15.88 million bags, down more than 9.3% over the same period last year.
English (giacaphe.com)
