ICE inventories are still hovering around low levels, which is the main reason driving the price increase in the market…
At the end of the trading session, Robusta coffee prices on the ICE Europe – London exchange reversed to increase. Futures for delivery in May increased by 51 USD, to 3,095 USD/ton and futures for delivery in July increased by 41 USD, to 3,026 USD/ton, quite good increases. Trading volume remains at an average level.
Similarly, the price of Arabica coffee on the ICE US – New York floor has the same increasing trend. May delivery futures increased by 2.60 cents, to 184.35 cents/lb and July delivery futures increased by 2.35 cents, to 182.70 cents/lb, significant increases. Trading volume is above average.
The price of green coffee in the Central Highlands provinces increased by 700 – 800 VND, fluctuating in the range of 83,900 – 84,600 VND/kg.
The US PCE index report was at 0.4%, the highest since February 2023, showing that inflation is accelerating, raising concerns that the Fed may raise interest rates in March to promptly prevent , according to Wall Street investors.
A market survey shows that coffee futures prices often increase right around the time Brazil harvests a new crop, with Conilon Robusta coffee being April and May and for Arabica coffee being June and May. Seven solar calendars.
According to estimates by the General Statistics Office of Vietnam, coffee exports in February only reached 160 thousand tons, down nearly 20% compared to the same period last year, because it was a month with a long Lunar New Year holiday, so activities Trade has slowed down somewhat. This has supported London exchange futures prices to recover significantly in yesterday’s trading session.
Meanwhile, the Reais – Brazilian currency decreased by 0.05%, bringing the exchange rate down to 1 USD = 4.9738 R$, the lowest level in 3 weeks but still does not encourage Brazilians to increase export coffee sales if they don’t really need the money, in the context of ICE inventories still hovering around a 24-year low that need to be replenished.
English (giacaphe.com)
