The October US CPI report boosted the markets as US inflation gradually cooled down…
London Robusta chart January 1, 2023 right 11/11/2022
At the end of the session, the price of Robusta coffee on ICE Europe – London reversed to increase. Futures for delivery in January increased by 8 USD to 1,827 USD/ton and term for delivery in March increased by 6 USD to 1,814 USD/ton, slight increases. Trading volume remain above average.
Similarly, the price of Arabica coffee on the ICE US floor – New York has the same upward trend. December spot futures rose 5.85 cents to 171.00 cents/lb and March futures rose 5.35 cents to 167.70 cents/lb, very strong gains. Trading volume remained very high above average .
The price of green coffee beans in the Central Highlands provinces increased by 100-200 VND, up to range from 40,400 to 40,900 VND/kg.
Coffee prices on both floors continued to fall deeply, especially London Robusta penetrated the psychological level of $ 1,800 quite deeply. However, the October US Consumer Price Index (CPI) report rose 0.4% from September, showing that US inflation has cooled to 7.7% and created conditions for the Fed to slow down. monetary policy tightening. USDX reversed to plunge. The Japanese Yen, British Pound, Gold, Cryptocurrencies and US Stocks surged, leading to a recovery reversal on both coffee derivatives exchanges.
The reversal in coffee prices was also supported after the Brazilian Association of Exporters (Cecafé) reported that the export of green coffee in October was only 3.18 million bags, down 2.9% compared to the same period last year. before.
The New York Stock Exchange December futures contract expiration also helped drive prices higher after CFTC reports showed coffee futures markets were in the zone. “oversold” quite deep, need to adjust.
Has the price of coffee prospered when the Reais exchange rate plummeted to 4.08%, down to 1 USD = 5,3960 R$, will encourage Brazilians to boost selling?
English (giacaphe.com)
