Concerns about supply shortages have prompted funds and speculators to return to futures markets to increase purchases…
At the end of the first trading session of the week, Robusta coffee prices on ICE Europe – London increased for the third consecutive session. The January delivery term increased by 50 USD, to 2,422 USD/ton and the March delivery term increased by 38 USD, to 2,361 USD/ton, strong increases. Trading volume is average.
Similarly, the price of Arabica coffee on the ICE US – New York floor has the same increasing trend. December delivery futures increased by 2.80 cents, to 173.70 cents/lb and March 2024 delivery futures increased by 2.55 cents, to 171.70 cents/lb, very significant increases. Trading volume remains well above average.
The price of green coffee in the Central Highlands provinces increased by 600 – 700 VND, fluctuating in the range of 58,700 – 59,200 VND/kg.
ICE inventory report data – New York continues to stand at a 24-year low, supporting the bull market. According to international traders, coffee products purchased directly from producing countries are currently at too high a level, forcing them to buy certified products at two trading floors, contributing to the continuous increase in futures prices.
The September Trade Report of the International Coffee Organization (ICO) shows that global coffee exports in the first 10 months of the 2022/2023 coffee year decreased by 5.7% compared to the same period of the previous crop year. there. The Coffee Exporters Association (Cecafé) in Brazil reported that coffee exports in September fell nearly 20% to 2.4 million bags, the lowest level in the past 6 years.
Reports that the US economic index grew below expectations, which will cause the Fed to temporarily suspend interest rate increases, while information that OPEC + will continue to cut production has supported risky assets and stocks. Stocks extend the rising streak.
The Reais continued to increase by 0.20%, raising the exchange rate to 1USD = 4.8869 R$, preventing Brazilians from selling coffee for export.
English (giacaphe.com)
