The price of coffee futures fluctuated with the pressure of option expiration…
At the end of the session, the price of Robusta coffee on ICE Europe – London reversed to decrease. Futures for delivery in January decreased by 11 USD to 1,892 USD/ton and term for delivery in March decreased by 12 USD to 1,872 USD/ton, significant reductions. Trading volume is quite above average.
On the contrary, the price of Arabica coffee on the ICE US floor – New York continued the uptrend. March spot futures added 0.85 cents to 167.90 cents/lb and May futures added 0.75 cents to 168.15 cents/lb, slight gains. Trading volume is quite above average.
The price of green coffee beans in the Central Highlands provinces decreased by 200 VND, to range from 41,100 to 41,600 VND/kg.
Coffee futures were mixed after the Consumer Price Index (CPI) report in November fell slightly from the previous month and was lower than Wall Street forecasts, also the lowest level in nearly a year. Combined with the US Treasury launching $ 18 billion in long-term bonds, causing US Stocks to reverse and USDX to drop again, it has supported emerging currencies to add value. Contributing to the support of Arabica coffee prices to maintain their strength in New York is the rumor that the Agricultural Forecasting and Supply Agency (Conab) under the Ministry of Agriculture will cut the estimate of Brazilian coffee production in the survey report. The first crop will be announced in the coming days, however, Funds and speculators are also wary of this rumor.
The Brazilian Coffee Exporters Association (Cecafé) reports that November exports of coffee beans have reached 3.40 million bags, bringing exports in the first five months of the current coffee year 2022/2023 to a total of 14, 52 million bags, down 3.43% over the same period last year.
The current focus of the market is on the results of the monetary management meeting of the Fed – US later today and of the European Central Bank (ECB) tomorrow.
English (giacaphe.com)
