The pressure in New York remained as the Reais Brasil continued to stand low, helping to hold London even though the leading producer could not harvest the new crop due to consecutive storms.
Robusta London T1 / 2021 chart session on October 30, 2020
Ending the weekend session is also the end of the month, the price of Robusta coffee on ICE Europe – London has reversed and recovered. Futures for delivery in January increased 14 USD, to 1,351 USD / ton and futures for delivery in March also increased by 14 USD, to 1,359 USD / ton, the increases were quite remarkable. Trading volume remained very low below average.
In contrast, Arabica coffee prices on the ICE US – New York floor declined for the third consecutive session. Futures for December delivery fell 0.2 cents, down 104.4 cents / lb and futures for March delivery dropped by 0.35 cents, to 106.85 cents / lb, a slight decrease. Trading volume remained quite high above average.
The price of coffee beans in the Central Highlands provinces increased by 200-300 VND, up fluctuating in the framework of 32,500 – 32,900 VND / kg.
Export Robusta coffee price grade 2, 5% broken black, stood at 1,479 USD / ton, FOB – HCM, with the difference plus 100 – 120 USD / ton in term of March in London.
Reais copper rose slightly 0.45% to stand at $ 1 = 5.7390 Reais, ending a bad week after falling to its lowest level since March 2020, the month most impacted by the big wave. translation of covid-19 for the first time globally.
USDX dropped again when the new funding package was not launched before the US presidential election and more markets tightened because the second covid-19 helped the emerging currency regain some of its value. However, this also caused many agricultural commodity markets to decline and speculative capital flows back to the gold market to shelter.
The drop in trading volume in recent consecutive sessions shows that speculation is cautious as the trend on both derivatives is not really clear.
Arabica coffee prices continued to weaken as more Latin American countries started to harvest this new crop with a slightly lower output than last year due to declining investment resources and especially epidemics. covid-19 disease limits the manpower to collect.
In contrast, Robusta coffee prices show signs of short-term recovery when the leading producer has been subjected to consecutive storms that delay the new harvest for several weeks, but global trade will deteriorate due to the harmful effects of second covid-19 wave.
English (giacaphe.com)
