Inventories issued by ICE Certificates dropped sharply on both exchanges, helping to support the psychology of Funds and speculative buying…
Robusta chart London September 2022 session on 12/08/2022
At the end of the last trading session of the week, the price of Robusta coffee on the ICE Europe – London floor continued to increase to the ninth session. The September spot term increased by $36 to $2,252/ton and the November delivery term increased by $38, to $2,261/ton, strong gains. Trading volume below average.
Similarly, the price of Arabica coffee on the ICE US floor – New York increased for the fifth consecutive session. September spot futures added 2.65 cents to 226.60 cents/lb and December futures added 2.85 cents to 222.40 cents/lb, very significant gains. Trading volume quite above average
The price of green coffee beans in the Central Highlands provinces increased by 600-700 VND, to ranged in the range of 48,300 – 48,800 VND/kg.
Coffee futures continued their gains after a somewhat more upbeat US consumer confidence report and a flurry of better-than-expected economic data this week raised expectations for inflation in the country. peaked. This will make it easier for the Fed to manipulate interest rates.
Liquidation and forward month transfer of Funds and speculation ahead of September futures contract expiration also helped support the price increase with technical buy orders, despite technical indications that both exchanges Coffee has entered the area “over-bought”.
Not to mention USDX depreciating 1.82% in the past week, causing commodity prices in general to increase sharply, including coffee prices skyrocketing to new highs. London Robusta to a new 7-month high and New York Arabica to a new 6-week high. Yesterday, the reais rate increased by 1.66% to 1 USD = 5,0740 R$ also caused Brazilians to reduce sales of new crop coffee.
English (giacaphe.com)
