The reais fell to more than four-month lows that encouraged Brazilians to ramp up sales of the new crop currently being harvested…
Robusta chart London September 2022 session on June 23, 2022
At the end of the session, the price of Robusta coffee on the ICE Europe – London exchange reversed to decline. Futures for spot delivery in July decreased by 28 USD, to 2,069 USD/ton and for September delivery decreased by 27 USD, to 2,086 USD/ton, significant reductions. Trading volume on average.
Similarly, the price of Arabica coffee on the ICE US floor – New York has a downward trend. September spot futures fell 7.40 cents to 229 cents/lb and December futures fell 7.60 cents to 227.25 cents/lb, very sharp declines. Trading volume on average.
The price of green coffee beans in the Central Highlands provinces decreased by 400-500 VND, to range from 40,700 to 41,200 VND/kg.
Coffee futures prices reversed and dropped right after the first announcement (FND) of the New York Arabica exchange due to the pressure of a weakening Reais, which encouraged Brazilians to boost sales of the new crop in a new way. delivery later. Note that the Brazilians are currently harvesting coffee this year’s new crop has been completed in the Conilon Robusta growing regions and will not end until the end of August in the cyclical Arabica growing regions. “two years one” in a good year in Brazil.
According to observers, the decline in coffee futures prices was mainly due to the strong rebound in USDX in the basket of strong currencies and a drop in demand as inflation remained high, prompting consumers to save money due to the currency. made more difficult and retail prices are increasing now.
US Federal Reserve (Fed)with Swiss Central Bank (SNB) and Bank of England (BoE) has begun a tightening cycle to control inflation, while there are expectations European Central Bank (ECB) will follow the same path, and fears of a global recession have devalued emerging currencies, such as the Reais.
According to published data of Cooxupé, The largest coffee cooperative in Brazil and the worldas of Wednesday, June 17, their members have harvested 13.52% of the new crop of Arabica coffee, the slowest rate since 2018. According to the cooperative executive director, know that the delay is due to unfavorable weather and shortage of human resources for harvesting.
Today on June 24, the London floor will expire July options contract, promising that the Robusta coffee market will have unpredictable fluctuations.
English (giacaphe.com)
