The market is in the mood to wait for the US economic index reports to be released this week…
Robusta chart London 11/2022 session on 10/10/2022
At the end of the first session of the week, the price of Robusta coffee on ICE Europe – London adjusted up. The November spot term increased by 3 USD, to 2,158 USD/ton and the term for delivery in January 2023 was unchanged, still at 2,154 USD/ton, slight increases. Trading volume on average.
On the contrary, the price of Arabica coffee on the ICE US floor – New York reversed to decrease. December spot futures fell 0.65 cents to 217.45 cents/lb and March 2023 futures fell 0.60 cents to 207.65 cents/lb, slight declines. Trading volume below average.
The price of green coffee beans in the Central Highlands provinces increased from 0 to 100 VND, to ranged from 46,600 to 47,200 VND/kg.
Coffee futures prices returned mixed as the new selling power on the New York Stock Exchange remained intact, while the inventory report in London decreased slightly in the first day of the week. Contributing negatively to the price of Arabica coffee is the image of Arabica coffee gardens in the state of Minas Gerais blooming beautifully, which are posted on websites, promising a new bumper crop.
USDX continued its gains on the back of heightened risk aversion following last week’s decent US non-farm payrolls report and heightened geopolitical conflict following the collapse of the Kursk Bridge leading into Crimea.
The market moved in a mood to wait for the US economic index reports to be released this week, notably the report of inflation and producer price index (PPI) as well as the release of minutes of the meeting. most recent Fed meeting. US stocks closed negative as most of the market was on holiday Commemorating Columbus’Day.
ANhan Van (giacaphe.com)
