The Arabica market continues to worry about Brazilian output in 2022, while Vietnam’s July coffee export report has slowed London prices…
Robusta chart London September 2021 session on 11/08/2021
Ending the session, the price of Robusta coffee on ICE Europe – London increased for the third consecutive session. The September spot term increased by 1 USD, to 1,859 USD/ton and the November delivery term also increased by 1 USD, to 1,864 USD/ton, extremely slight increases. Trading volume above average.
Similarly, the price of Arabica coffee on the ICE US floor – New York has the same upward trend. September spot futures added 1.85 cents to 182.85 cents/lb and December futures added 1.90 cents to 187 cents/lb, very significant gains. Trading volume remained very high above average.
The price of green coffee beans in the Central Highlands provinces remained unchanged, still fluctuating in the range of 37,300 – 38,100 VND/kg.
Price of export Robusta coffee grade 2.5% black broken, standing at 1,784 USD / ton, FOB – HCM, with a deduction of 70 – 80 USD / ton according to the November futures price in London.
The Reais fell 0.46%, the exchange rate fell to 1 USD = 5,2200 Reais, continuing to show the current political instability and budget problems of the Government, while the USDX is still growing steadily through the closely monitor US inflation by the Fed.
The two futures coffee exchanges continued their upward momentum, however, London futures prices showed signs of slowing down when Vietnam Customs reported July coffee export data. According to the report, coffee exports from the leading Robusta producer this month reached 122,293 tons (about 2.04 million bags), up 4.49% month-on-month and up 11.15% year-on-year. However, cumulative exports in the first 7 months of 2021 reached a total of 965,883 tons (about 16.10 million bags), down 8.06% compared to coffee exports in the first 7 months of 2020.
Comexim, Brazil’s top coffee exporter, estimates that the potential damage to the 2022 crop due to frost for the main Arabica coffee region in the southern state of Minas Gerais could be more than 19%, instead of just 12. .5% according to their own initial estimate. This issue will be controversial among international coffee traders not only in the short term.
English (giacaphe.com)
