Risk concerns are increasing with the possibility that the Fed will maintain its interest rate cut stance and the shipping crisis causing tight supply from Asia has pushed London prices up…
For the whole week of February 2024, the London market had 3 increasing sessions and 2 alternating decreasing sessions. The price of Robusta coffee for March delivery increased by a total of 144 USD, or 3.11%, to 2,939 USD/ton, and for May delivery, it increased by a total of 87 USD, or by 3.19%, to 2,814 USD/ton. tons, pretty good increases. Trading volume is above average.
Meanwhile, the New York market had 3 decreasing sessions and 2 increasing sessions. Arabica coffee futures for March delivery decreased by 2.80 cents, or 1.53%, to 180 cents/lb and May delivery futures decreased by a total of 3.75 cents, or 2.07%, to 177 .35 cents/lb, very significant reductions. Trading volume is quite above average.
The price of green coffee in the Central Highlands market increased by 2,600 – 2,800 VND, fluctuating in the range of 69,800 – 70,400 VND/kg.
For the week, DXY is down 0.31% and observers continue to monitor ICE certified inventories – which remain low – as well as logistics issues and especially the weather in Brazil.
Market experts predict that Arabica coffee futures prices will hover around the range of 180 – 200 cents/lb for a significant period of time.
Robusta coffee inventories issued by the London Exchange Certified and monitored, as of Friday, January 12, have decreased by 1,290 tons, or 3.75% compared to a week earlier, down to register at 33,110 tons ( about 551,833 bags, 60 kg bags), a record low for many years, has contributed to supporting London coffee futures prices to increase strongly this week.
Notice: On Monday, January 15, the New York market will be closed for the Martin Luther King Anniversary Day, closed all day without trading. The London market is open for normal operations.
Anh Van (giacaphe.com)
