Concern that container transport ships ran aground in Suez Canal no longer contributed to a sharp drop in two-floor coffee prices, while Brazilians increased sales to celebrate Easter Week.
Robusta London T5 / 2021 chart session on March 29, 2021
Ending the first session of the week, Robusta coffee prices on ICE Europe – London reversed and dropped. May futures fell 23 USD, down to 1,376 USD / ton and futures for July delivery fell 19 USD, to 1,397 USD / ton, the decline is very significant. Trading volume very low below average.
Similarly, Arabica coffee prices on the ICE US – New York floor followed a downtrend. May futures fell 1.45 cents, down 127.05 cents / lb and July futures also dropped 1.45 cents, to 129.05 cents / lb, the significant reductions. Trading volume on mGermany medium.
The price of coffee beans in the Central Highlands provinces decreased by 300-400 VND, down fluctuating in the frame of 32,300 – 32,800 VND / kg.
Export Robusta coffee price type 2, 5% broken black, stood at 1,457 USD / ton, FOB – HCM, with the plus difference at 50-60 USD / ton in term of July in London.
Reais fell another 0.47%, exchange rate at 1 USD = 5.7670 Reais, fourth consecutive low, due to the general devaluation of emerging countries currencies and conservative medium budget approved by the National Assembly of Brazil in the context of the continuing increase in covid-19 epidemic.
Coffee prices fell again before selling pressure from Brazil when the Reais exchange rate continued to weaken. Besides, the concern about the Suez Canal has disappeared, although the consequences will last for a week as many ships docked at the same time will cause congestion of deliveries. While Brazilians still sell aggressively to celebrate the beginning of Catholic Easter Week.
The General Statistics Office of Vietnam estimated coffee exports in March reached about 145,000 tons, down 21.10% from the previous month, bringing coffee exports in the first 3 months of this year to 428,000 tons, down 17% compared to the previous month. in the same period last year. The reason for the decline is said to have been the price resistance in the domestic market due to the prolonged weakening of futures prices in London and the fierce competition of Brazilian Conilon Robusta coffee, which is accounting for a large amount on the floor. softer prices.
English (giacaphe.com)
