The early spring showers in Minas Gerais Brasil helped to ease New York coffee prices, while London coffee prices maintained their upward momentum due to concerns that supply from the top producer remained intact.
Robusta chart London T11/2021 session on September 1, 2021
Ending the session, the price of Robusta coffee on the ICE Europe – London floor extended the rising chain to the eighth session. The November spot term increased by 40 USD, to 2,066 USD/ton and the term for delivery in January 2022 increased by 34 USD, to 2,028 USD/ton, very significant increases. Trading volume remain average. The island price structure widens the gap.
On the contrary, the price of Arabica coffee on the ICE US floor – New York continued to decline. December spot futures fell another 0.25 cents to 195.65 cents/lb and March 2022 futures also fell 0.25 cents to 198.25 cents/lb, slight declines. Trading volume above average.
The price of green coffee beans in the Central Highlands provinces increased by 300-400 VND, up to the range of 40,000-40,600 VND/kg.
Price of export Robusta coffee grade 2.5% black broken, standing at 1,908 USD/ton, FOB – HCM, with a deduction of 110 – 120 USD/ton according to the January 2022 futures price in London.
The reais fell slightly by 0.19%, the exchange rate fell to 1 USD = 5.1820 Reais still from financial instability and energy crisis. While the outside market eased the concern that the Fed will cut stimulus when the US economic data did not meet expectations, USDX continued to weaken in the basket of strong currencies.
Coffee prices in New York continued to adjust downwards after the first drought of the season in Minas Gerais, Brazil’s largest Arabica producing state.
In contrast, coffee prices in London continued their rally to four-year highs as concerns from the leading Robusta producer remained intact. However, it is expected that the Government of Vietnam’s implementation of new solutions to prevent the Covid-19 epidemic will make it easier for goods to flow to export ports in the near future.
The Organization of the Petroleum Exporting Countries (OPEC) has just agreed to increase October crude oil production by 400,000 bpd. This information helped oil prices calm down after a significant increase.
The International Coffee Organization’s (ICO) July Trade Report shows that global coffee exports for the month reached 10.61 million bags, up 1.34% year-on-year, bringing coffee exports Globally over the past 12 months totaled 108.92 million bags, up 2.1 percent year-on-year in the 2019/2020 crop year. This information will support the world coffee price to cool down somewhat in the short term.
English (giacaphe.com)
