Most investors stand outside the market to follow news about new monetary policies more specifically…
Robusta chart London September 2022 session on 20/07/2022
At the end of the session, the price of Robusta coffee on ICE Europe – London continued to consolidate. The September spot term still stood at $1,998/ton and the November delivery term was similar, still standing at $1,994/ton, unchanged. Trading volume very below average.
In contrast, the price of Arabica coffee on the ICE US floor – New York had a fourth consecutive increase. September spot futures added 1.65 cents to 218.15 cents/lb and December futures added 1.75 cents to 223.95 cents/lb, very significant gains. Trading volume remain average.
Robusta chart London September 2022 session on 20/07/2022
The price of green coffee beans in the Central Highlands provinces remained unchanged, still fluctuating in the range of 39,700 – 40,300 VND/kg.
USDX reversed to rise on rumors that Italian Prime Minister Mario Draghi would leave, which increased uncertainty in the European Union and reinforced expectations in the future. Today’s policy meeting of the European Central Bank (ECB). USD rose 0.79%, up at 1 USD = 5,4620 R$.
Two-floor coffee futures prices remained firm after leading consultant HedgePoint Global Market forecast that the global 2022/2023 crop year would have a surplus of only 0.3 million bags, instead of a surplus of nearly 7 million bags. according to USDA, due to reduced production in Vietnam, Colombia, Honduras.
Arabica coffee prices have continued to increase significantly after the report that ICE inventories in Europe fell to a low of 23, spurring speculation to increase buying. Robusta coffee prices slowed down as investors waited for the euro interest rate hike to have more specific results.
English (giacaphe.com)
