Robusta coffee term T11/2022 (LRCX22) continued to maintain its downward momentum, down 24 USD (-1.09%), closing price at 2,180 USD/ton.
After many consecutive gaining sessions, the USD index had a slight correction of 0.06% to 113.78 but still at a record high level of 20 years. However, the market’s fears about a global economic recession persisted and the rising USD interest expense put pressure on commodity market prices.
As of September 27, inventories of London coffee standards decreased slightly, reaching 94,350 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, technical indicators are showing that Robusta coffee price is still in a downtrend, possibly further correcting down to the area of 2140-2150. In general, affected by monetary factors, the price of Robusta in particular and commodities in general is still under downward pressure in the short-term, but it is not excluded that there will be a recovery correction because the USD has risen strongly and is overbought compared to other factors. with a basket of currencies and commodities.
HINTS BUY/SELL STRATEGY IN THE Session (refer).
NEW BUYING CL:
- Support zone 1: 2160-2165 USD,
- Support zone 2: 2145-2150 USD,
- Proportional buy, stop loss $2,115.
CL SELL DOWN:
- Resistance level 1: 2215-2220 USD,
- Resistance level 2: 2245-2250 USD,
- Proportional sell, stop loss $2270.
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