Robusta coffee term T11/2022 (LRCX22) continued to maintain its downward momentum, down 28 USD (-1.25%), closing price at 2,204 USD/ton.
The non-stop appreciation of the USD is still the focus of the market when the market is concerned about a global economic recession because almost a series of major central banks in the world have raised interest rates in the month. this 9. Prices of some commodities are still under downward pressure due to the appreciation of USD. Although Robusta coffee was sometimes pulled in price by Arabica coffee, it gradually weakened and ended in red near the 2200 mark.
As of September 23, inventory of London coffee standards increased slightly, reaching 94,380 tons. The market is still observing the situation that Typhoon Noru is moving towards central Vietnam, potentially affecting Vietnamese coffee growing areas.
According to technical analysis, the price trend has not made any new progress as the price is still struggling to accumulate and decrease to find support. It is expected that in the short term, Robusta coffee prices will fluctuate in the range of 2150-2300. It seems that the support zone 2180-2200 is no longer stable, if Robusta price breaks through this zone, it can correct further down to the 2140-2150 zone. On the contrary, the price needs to return to the resistance area of 2260-2280 to be able to break the downward pressure of Robusta price.
HINTS BUY/SELL STRATEGY IN THE Session (refer).
NEW BUYING CL:
- Support zone 1: 2180-2185 USD,
- Support zone 2: 2160-2165 USD,
- Proportional buy, stop loss $2130.
CL SELL DOWN:
- Resistance 1: 2245-2250 USD,
- Resistance 2: 2265-2270 USD,
- Proportional sell, stop loss $2,295.
Banks accompanying coffee businesses:
Sacombank is a bank that provides commodity price derivatives with the permission of the State Bank of Vietnam, and is a long-time reputable partner of major commodity exchanges in the world such as CBOT, CME, NYMEX, LME … aims to help customers limit risks on market prices, increase business profits, protect capital…
Interested please contact: 028 6288 4100 / [email protected] or click here for more details.
