DXY continued to decline after the Fed’s decision to keep interest rates unchanged supported the purchasing power of emerging currencies…
At the end of the weekend trading session, Robusta coffee prices on ICE Europe – London continued the upward trend. The January delivery term increased by 44 USD, to 2,372 USD/ton and the March delivery term increased by 38 USD, to 2,323 USD/ton, very significant increases. Trading volume remains above average.
Similarly, Arabica coffee prices on the ICE US – New York floor also continued the increasing trend. December delivery futures increased by 5.55 cents, to 170.90 cents/lb and March 2024 delivery futures increased by 5.30 cents, to 169.15 cents/lb, strong increases. Trading volume remains well above average.
The price of green coffee in the Central Highlands provinces increased by 300 – 400 VND, fluctuating in the range of 58,100 – 58,500 VND/kg.
After the decision to maintain the current monetary interest rates of major central banks in the world, DXY continued to decline due to weak data on the US job market being lower than forecast and expectations that the Fed may start a cycle interest rate cut period next year. Stock exchanges and commodities prospered together thanks to large and speculative funds returning to buy strongly with very high volume. Coffee futures prices are returning to a positive trend because the International Coffee Organization (ICO) still maintains its forecast that the new crop year 2023/2024 supply will be short of 7.26 million bags, regardless of producing countries. Main countries such as Brazil, Vietnam, and Colombia have increased production.
The Reais increased by 1.49%, bringing the exchange rate to 1 USD = 4.8967 R$, also discouraging Brazilians from selling coffee for export, which supported the rising price market.
English (giacaphe.com)
