US stocks fall and USDX weakening provided support coffee price Futures continued to increase, while the report of London Robusta inventories decreased continuously also contributed to…
Robusta chart London September 2022 session on August 9, 2022
At the end of the session, the price of Robusta coffee on ICE Europe – London continued to increase. The September spot futures increased by 22 USD, to 2,095 USD/ton and the November delivery term increased by 26 USD, to 2,100 USD/ton, good increases. Trading volume remain above average.
Similarly, the price of Arabica coffee on the ICE US floor – New York has the same upward trend. September spot futures added 0.90 cents to 212.75 cents/lb and December futures added 0.45 cents to 209.00 cents/lb, slight gains. Trading volume remained very high above average.
The price of green coffee beans in the Central Highlands provinces increased by 400-500 VND, to ranged in the range of 42,100 – 42,700 VND/kg.
The futures price of coffee continued to increase on both exchanges due to the correction of speculative positions before the expiration of the September futures contract. Besides, the support of USDX weakened and US stocks fell.
The market is looking forward to tomorrow’s North American inflation (CPI) report that can help guide the next steps of the Federal Reserve (Fed) related to interest rate management.
As of Monday 8/8, the inventory of Robusta coffee certified and monitored by the London floor has decreased by another 2,400 tons, or 2.34% from a week earlier, to registered at 100,090 tons. , equivalent to 1,669,167 bags of 60 kg. Inventories dropped in a row after 3 reporting weeks, added support to the London Robusta futures price surpassing the $2,000 mark yesterday.
English (giacaphe.com)
