The price of coffee futures rebounded strongly in a session with many fundamental factors supporting…
Robusta chart London July 2022 session on June 1, 2022
At the end of the session, the price of Robusta coffee on the ICE Europe – London floor increased for the third consecutive session. Futures for spot delivery in July increased by 30 USD, to 2,136 USD/ton and for September delivery increased by 29 USD, to 2,139 USD/ton, significant increases. Trading volume above average.
Similarly, the price of Arabica coffee on the ICE US floor – New York had the fifth consecutive increase. July spot futures added 8.20 cents to 239.45 cents/lb and September futures added 7.95 cents to 239.40 cents/lb, very strong gains. Trading volume remained very high above average.
The price of green coffee beans in the Central Highlands provinces increased by 700-800 VND, up to range from 41,800 to 42,300 VND/kg.
Coffee prices continued their upward momentum on both futures exchanges as there was more support from the weather in Brazil. According to the forecast of Somar Met. Scattered rains in southern Brazil have prevented the harvest of the Arabica crop from just beginning, which will affect the quality of the beans being dried. The temperature will drop sharply during the upcoming full moon days of June but there is no chance of frost on any of the coffee growing regions, Somar Met. emphasize.
Jamie Dimon, chief executive of JPMorgan, a New York-based bank, said the US economy, despite record low unemployment, faces many unprecedented challenges, including tightening. monetary policy and Russia’s invasion of Ukraine.
Meanwhile, the markets had a very volatile day in early June, prompting the Federal Reserve to be more aggressive in shrinking its $8.9 trillion balance sheet and raising interest rates. currency to prevent excessive inflation. The market also reacted to the increase in oil prices ahead of the meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) tomorrow.
USDX is back on the upswing from fears of soaring commodity prices, which could accelerate the Fed’s rate hikes that have driven speculative capital out of stocks and digital currency exchanges, back into commodities after China posted a better-than-expected May PMI, helping to support commodity prices and fostering expectations of an economic recovery in the world’s largest consumer of goods.
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-Thursday, 2nd May, London market is closed for Spring bank holiday. New York market opens late, after 6:30 pm.
– Friday, June 3. The City of London is closed for the Platinum Jubie holiday, celebrating 70 years of the Queen’s reign, closed all day without trading. The New York market is open for business as usual.
English (giacaphe.com)
