US stocks reversed down, supported the price of coffee at the end of the week…
Robusta chart London 11/2022 session on August 19, 2022
At the end of the last trading session of the week, the price of Robusta coffee on ICE Europe – London adjusted up. Futures for September delivery increased by 11 USD, to 2,226 USD/ton and for November delivery increased by 8 USD, to 2,226 USD/ton, slight increases. Trading volume on average.
Similarly, the price of Arabica coffee on the ICE US floor – New York has the same upward trend. September spot futures rose 1.25 cents to 215.95 cents/lb and December futures rose 1.50 cents to 213.35 cents/lb, significant gains. Trading volume remain above average.
The price of green coffee beans in the Central Highlands provinces increased by 100-200 VND, to range from 47,700 to 48,200 VND/kg.
Coffee futures price adjusted up at the end of the week as speculators balanced their business books for the week. There is also the expiration date of the options contract to enter the first notice date (FND) of September delivery on both exchanges, August 24.
Coffee prices weakened throughout the week because USDX gained 1.84%, causing emerging currencies to depreciate, reducing purchasing power and increasing risk aversion. This bad mood has contributed to factors such as interest rate concerns in the US, a slowdown in China, inflation in Europe and falling commodity prices.
However, the price of coffee on the two exchanges increased at the end of the week due to the continued decline in the inventory report at ICE Europe – London and after the leading consultant HedgePoint Global Market made an estimated estimate for the 2022/ crop year. 2023 global consumption will increase by 1.9% and thus a global surplus of only 0.3 million bags, instead of a surplus of nearly 7 million bags according to the USDA, as reduced production in Vietnam, Colombia, Honduras has supported aid.
English (giacaphe.com)
