The exchange rate is helping Brazilians to sell coffee for export because they get more local currency…
Robusta chart London September 2022 session on 11/07/2022
At the end of the first session of the week, the price of Robusta coffee on ICE Europe – London reversed and weakened again. The September spot term decreased by 16 USD to 1,966 USD/ton and the November delivery term decreased by 19 USD to 1,963 USD/ton, significant reductions. Trading volume very below average.
Similarly, the price of Arabica coffee on the ICE US floor – New York has a downward trend. September spot futures fell 7.20 cents to 213.25 cents/lb and December delivery fell 7.00 cents to 210.60 cents/lb, very sharp declines. Trading volume remain above average.
The price of green coffee beans in the Central Highlands provinces decreased by 200-300 VND, to range from 39,200 to 39,600 VND/kg.
The price of coffee futures reversed to fall again when USDX rebounded strongly, pushing most commodity prices into a recession as most investors cautiously stood outside the general market to wait and listen. get more news and move capital to find safe haven.
Meanwhile, the Reais exchange rate fell another 1.97% to 1 USD = 5,3720 R$, which has supported Brazilians to sell more coffee because they are benefiting, causing the price of coffee to fluctuate. deeply reduced term.
The reason for the strong volatility of the markets in the past session is attributed to the drastic adjustment of China’s business speed and new closures because of Covid-19 that will affect the economic recovery of the consumer. The world’s largest consumer of goods, causing investors to worry about economic growth and the risk of a global recession.
Russia’s announcement to close the Nord Stream 1 pipeline for maintenance has also negatively impacted Europe, which is dependent on Russian gas and inflation in the United States, adding to the pessimism for commodity markets. chemistry in general.
English (giacaphe.com)
