Gold and crude oil prices maintain a hot uptrend that continues to push coffee prices at a disadvantage…
Robusta chart London T5/2022 session on 02/03/2022
Ending the session, the price of Robusta coffee on the ICE Europe – London floor decreased for the sixth consecutive session. The May spot term decreased by 54 USD to 2,030 USD/ton, and the July delivery term decreased by 53 USD to 2,002 USD/ton, very strong reductions. Trading volume above average.
Similarly, the price of Arabica coffee on the ICE US floor – New York trended down. The May spot futures fell 6.80 cents to 229.20 cents/lb and the July delivery futures fell 6.35 cents to 228.15 cents/lb, very sharp declines. Trading volume very high above average.
The price of green coffee beans in the Central Highlands provinces decreased by 600-700 VND, to range from 38,200 to 38,700 VND/kg.
Coffee futures continue their downtrend, while gold and crude oil prices continue to heat up and Russia intensifies attacks “aggression” Ukraine.
The news that the US opened a reserve of 60 million tons of oil, due to a sharp drop in inventories in New York and Europe, made crude oil prices on the floor surpass $100/barrel and is expected to increase as speculative capital flows continue. strong flow.
Fed Chairman Jerome Powell said that the war in Eastern Europe has increased inflationary pressure, making the world economy more difficult, so the USD base interest rate is difficult to increase. “be suitable”. The market thinks the Fed will increase only 0.25% instead of 0.5% as speculated. This has caused US stocks to reverse to recover, USDX to continue gaining momentum and of course, speculators in the markets in general have shown relief.
Liquidation pressure is still heavy on both coffee futures markets due to speculative net buying “overhand” before.
English (giacaphe.com)
