Although most of the commodity markets were negative on the news of the new variant of covid-19 but the London Robusta exchange still maintained its upward momentum…
London Robusta chart January 1, 2022 session on 11/26/2021
At the end of the last session of the week, the price of Robusta coffee on ICE Europe – London continued to increase. Futures for delivery in January increased by 16 USD, to 2,308 USD/ton and term for delivery in March increased by 9 USD, to 2,237 USD/ton, significant increases. Trading volume below average. The island price structure widens the gap.
On the contrary, the price of Arabica coffee on the ICE US floor – New York reversed to decrease. The March spot futures fell 2.45 cents to 242.95 cents/lb and the May delivery futures fell 2.65 cents to 242.15 cents/lb, very significant reductions. Trading volume above average. The island price structure widens the gap.
The price of green coffee beans in the Central Highlands provinces increased by 100-200 VND, up to range from 42,200 to 42,600 VND/kg.
Price of export Robusta coffee grade 2.5% black broken, stood at 1,987 USD/ton, FOB – HCM, with a deduction of about 220 – 250 USD/ton according to the March futures price in London.
Reais fell 0.53%, the rate fell to 1 USD = 5.5950 Reais, while most of the outside financial markets also fell, including USDX due to the emergence of a new mutant conoravirus, which has resistant to current vaccines. This fear of possibly triggering tighter shutdowns across the board has left most commodity exchanges in the red.
Coffee futures prices return to the opposite trend but vice versa. The London Stock Exchange kept the previous session’s green color when there was still supply concern and the island price structure supported. While the New York Stock Exchange reversed to decrease after the holiday following the general trend of most commodity exchanges, although still keeping the island price structure, the technique has entered the zone. “overbought” need adjustment.
What will happen to the market in general and how the world will deal with the new variant of covid-19 will be more clearly reflected in the first Monday of next week.
ANhan Van (giacaphe.com)
