The positive US Non-Farm Payrolls report has contributed to speculation the Fed will reduce “Eagle” more at the upcoming policy meeting…
Robusta chart London September 2022 session on 08/07/2022
At the end of the last session of the week, the price of Robusta coffee on ICE Europe – London reversed to end the series of six consecutive sessions of decline. The September spot term increased by $37 to $1,981/ton and the November delivery term increased by $35 to $1,982/ton, significant increases. Trading volume remain average.
Similarly, the price of Arabica coffee on the ICE US floor – New York also reversed to increase. September spot futures rose 1.55 cents to 220.45 cents/lb and December futures also rose 1.55 cents to 217.60 cents/lb, significant gains. Trading volume above average.
The price of green coffee beans in the Central Highlands provinces increased by 700-800 VND, up to range from 39,400 to 40,000 VND/kg.
Coffee futures prices ended a series of consecutive declines as USDX weakened again, causing the exchange rate of Reais and emerging currencies to rise, which prevented Brazilians from selling coffee exports and promoted “speculative bull” turned to buy again after the technical indicators on both exchanges, especially London entered the zone “oversold”. However, the low trading volume shows that speculators are still cautious with reports that many countries have increased coffee exports in June and the selling pressure of the new crop of many major producing countries is still there. also weighed on the futures markets in the short and medium term.
According to observers, whether Somar Met. in Brazil reported favorable weather for the first half of July for Brazilian farmers to accelerate the harvest and drying of the new crop, which has been delayed because of the cyclical increase in production. “two years one”. However, the market has also raised concerns about winter weather in the main coffee regions in Brazil on the upcoming full moon days of July, which is not expected to happen.
Vietnam General Department of Customs Preliminary data reports show that coffee exports in June reached 137,403 tonnes (equivalent to 2,290,050 bags, 60 kg bags) down 3.5% month-on-month, bringing exports up in the first 6 months of the calendar year. reached a total of 1,018,650 tons (about 16.98 million bags), up 20.7% over the same period last year. The reason for the increase was not due to abundant supply, but to a decrease in exports in the same period last year due to the implementation of social distancing during the outbreak of the Covid-19 epidemic.
English (giacaphe.com)
