US Congress has confirmed the new president-elect, ending a dispute that lasted for the past two months, has helped many commodity markets regain their green under pressure from the recession of the new variant covid-19 epidemic. . But the price of coffee …
Robusta London Tue / 2021 chart session on January 7, 2021
At the end of the session, Robusta coffee prices on ICE Europe – London extended the chain to a fourth session. Futures for delivery in March decreased by 20 USD, down to 1,336 USD / ton and futures for May delivery decreased by 19 USD, to 1,347 USD / ton, the decreases were very significant. Trading volume above average.
In contrast, Arabica coffee prices on the ICE US – New York floor increased. Futures for March delivery increased 0.2 cents to 121.1 cents / lb and for May futures rose 0.15 cents to 123.1 cents / lb, the increases were very slight. Trading volume above average.
The price of coffee beans in the Central Highlands provinces decreased by 300-400 VND, down fluctuating in the frame of 31,800 – 32,200 VND / kg.
Export Robusta coffee price grade 2, 5% broken black, stood at 1,447 USD / ton, FOB – HCM, with the difference plus 80-100 USD / ton in term of May in London.
Reais copper fell another 1.77%, to $ 1 = 5.3990 Reais, a low since November 23 last year, in response to investor reaction to US Congressional confirmation of election results. Presidential election and uncertainty over financial scenario and local risk prevail.
USDX and US stocks rebounded, while the majority of commodity exchanges regained the green color, two derivative coffee exchanges remained negative, although at the end of the session, prices in New York were adjusted to increase while London closed first at very negative prices.
Although at the beginning of the session, coffee markets continued to decline under supply pressure after ICOs reported that global exports in the first two months of the new crop year 2020/2021 rose 6.5% from the previous season. , to 20.2 million bags. But Arabica coffee prices in New York ended the chain of declines when there was news from the National Coffee Federation (FNC) of Colombia forecasting output this year will decrease by about 6% from the previous year. Colombia is the world’s leading producer of high quality wet processed Arabica coffee. These shipments originating from South America plus a very high fixed price when delivered in New York. However, the continued decline of Reais copper pushed Brazilians to push up their sales from the record harvest last year.
According to observers, investors on the London floor were cautious about the pressure of selling hedging new goods quite strong that pushed the price of Robusta coffee down to a low of 4 weeks as soon as Vietnam, the largest Robusta producer. the world has almost completed harvesting new crops. Meanwhile, inventory reports on the London Stock Exchange have risen to more than eight-month high and are concerned about demand decline as many countries have to re-enact social gap measures due to a variant covid-19 epidemic. new outbreak.
English (giacaphe.com)
