China’s May PMI was higher than expected and the Fed’s assertion that it will prioritize combating inflation have supported the markets’ optimism again…
Robusta chart London July 2022 session on May 31, 2022
At the end of the session, the price of Robusta coffee on ICE Europe – London continued to increase. Futures for spot delivery in July increased by 1 USD, to 2,106 USD/ton and for September delivery increased by 4 USD, to 2,110 USD/ton, slight increases. Trading volume on average.
Meanwhile, the price of Arabica coffee on the ICE US floor – New York increased for the fourth consecutive session. July spot futures added 2.75 cents to 231.25 cents/lb and September futures added 2.40 cents to 231.45 cents/lb, very significant gains. Trading volume very high above average.
The price of green coffee beans in the Central Highlands provinces increased from 0 to 100 VND, to range from 41,000 to 41,600 VND/kg.
USDX and US stock market had a spectacular reversal session after receiving positive information from the economy. China’s PMI in May was higher than expected, showing a remarkable recovery. The news that China eased tough blockade measures in Beijing and Shanghai contributed positively to investor sentiment. The news that EU countries broke the stalemate because of Russia’s oil embargo also contributed to spurring the coffee futures markets to increase their purchases again after aggressively liquidating at the beginning of the session due to concerns. increased risk.
According to Barchart.com, Coffee prices continued their rally on concerns that dry conditions in coffee growing regions in southern Brazil could lead to a decline in Arabica production. Somar Met’s weather forecast. reported on Monday that Minas Gerais has had no rain in the past week. Minas Gerais accounts for about 30% of Brazil’s Arabica production.
However, the upside momentum of Robusta coffee prices was limited after the General Statistics Office of Vietnam estimated that Vietnam’s coffee exports in the first five months of the year increased 24.2% year-on-year to 889,000 tons. Vietnam is the world’s largest producer of Robusta coffee.
The National Coffee Federation (FNC) in Colombia has reported that Colombia’s coffee exports in April fell 18% year-on-year to 845,000 bags, which should support Arabica coffee as Colombia is a producer. The world’s second largest producer of Arabica.
English (giacaphe.com)
