Favorable weather returned to help farmers boost the harvest of the new crop and therefore, the selling pressure of the new crop was also stronger, causing the price of Robusta coffee futures in London to fall further.
Robusta London T1 / 2021 chart session on December 2, 2020
KAt the end of the session, Robusta coffee prices on ICE Europe – London dropped for the third consecutive session. January spot futures decreased by 40 USD, down to 1,343 USD / ton and futures for March delivery dropped by 24 USD, to 1,364 USD / ton, the decline was very strong. Trading volume is very high above average. Robusta coffee prices fell to stand at a low of 3.5 months.
In contrast, Arabica coffee prices on the ICE US – New York floor increased. Futures for March delivery increased 0.65 cents, to 119.1 cents / lb and futures for May delivery rose 0.5 cents, to 120.94 cents / lb, the increase slightly. Trading volume is above average.
The price of coffee beans in the Central Highlands provinces decreased by 400-500 VND, down fluctuating in the frame of 32,000 – 32,400 VND / kg.
Export Robusta coffee price type 2, 5% broken black, stood at 1,444 USD / ton, FOB – HCM, with a difference plus 60-80 USD / ton in term of March in London.
Reais copper fell 0.24%, to $ 1 = 5.2410 Reais as foreign currency inflows continued to pour in after US lawmakers submitted a $ 908 billion funding package that helped USDX increase in value. in a basket of strong currencies while US stocks did not have any significant fluctuations.
Robusta coffee prices on the London floor continued to fall deeply, but the pressure of new crop sales when Vietnamese farmers began to switch to a mass harvest, with moves “Selling paper goods to buy real goods” of international traders.
Although the Foreign Agriculture Division (FAS) of the US Department of Agriculture (USDA) has forecast a 3.5% decline in Vietnam’s coffee output, to 30.2 million bags in coffee year 2020 / 2021 and the General Statistics Office of Vietnam have estimated coffee exports in November to reach about 70,000 tons, down 37.5% over the same period last year, bringing coffee exports in the first 11 months of 2020 nearly slumped. 4% compared to the first 11 months of 2019, but the selling pressure of the new harvest is not small.
English (giacaphe.com)
