Reuters reported that Vietnamese farmers do not want to sell coffee at the current price but expect the price to increase further, pushing prices on the London floor to continue to increase…
At the end of the trading session, Robusta coffee prices on ICE Europe – London continued to increase. The March delivery term increased by 67 USD, to 2,936 USD/ton and the May delivery term increased by 37 USD, to 2,849 USD/ton, quite strong increases. Trading volume remains above average.
Similarly, the price of Arabica coffee on the ICE US – New York floor has the same increasing trend. March delivery futures increased by 0.25 cents, to 198 cents/lb and May delivery futures increased by 0.40 cents, to 195.75 cents/lb, slight increases. Trading volume is average.
The price of green coffee in the Central Highlands provinces increased by 1,200 – 1,300 VND, fluctuating in the range of 69,100 – 69,700 VND/kg. Fresh coffee prices trade around 15,000 VND/kg.
Coffee futures prices continued to increase after the USDA’s semi-annual report cut its forecast for global coffee production in the 2023/2024 crop year to 171.4 million bags from the previous estimate of 174 million bags. .3 million bags. Of particular concern, global Robusta production in the 2023/2024 crop year decreased to 74.1 million bags compared to the previous estimate of 78 million bags and global coffee inventories in the 2023/2024 crop year decreased. down to 26.5 million bags from the June estimate of 31.8 million bags.
Expected increases in Brazilian coffee exports in November have put downward pressure on prices from the beginning of the session, and showers are forecast across the main growing regions in southern Brazil in the first week of 2024. However, after that Prices start to increase when there are comments “Nothing is certain yet.” Rain can cover large growing areas.
Information from the Vietnam Coffee and Cocoa Association (Vicofa) said that domestic coffee prices are forecast to continue to remain high next year, due to a serious supply shortage in the 2022 coffee crop. 2023. The association estimates that there is a shortage of about 1.5 – 2.5 million bags of coffee under the contract and needs to be met from the current coffee harvest, while farmers still do not want to sell coffee at the current price. , pushed prices to continue increasing on the London floor.
English (giacaphe.com)
