The dry weather report in Brazil supported the New York floor price to rebound but forgot about the London floor…
Robusta chart London September 2021 session on 12/07/2021
At the end of the first trading session of the week, the price of Robusta coffee on the ICE Europe – London floor adjusted slightly. The September spot term was unchanged, still at $1,744/ton and the November delivery term increased by $4 to $1,726/ton, slight increases. Trading volume remain average.
Meanwhile, the price of Arabica coffee on the ICE US floor – New York reversed to increase. September spot futures rose 2.50 cents to 154 cents/lb and December futures rose 2.45 cents to 156.8 cents/lb, very significant gains. Trading volume above average.
The price of green coffee beans in the Central Highlands provinces increased from 0 to 100 dong, to range from 36,100 to 36,700 dong/kg.
The price of exported 2.5% black Robusta coffee stood at $1,744 per ton, FOB – HCM, according to September futures prices in London.
The Reais gained 1.26%, the exchange rate rose to 1 USD = 5.1730 Reais due to a drop in external income as USDX fell again on concerns of consumer inflation in the US and the possibility of the US Federal Reserve (Fed) will reduce asset purchases and expect the European Central Bank (ECB) to have new stimulus measures.
New York coffee prices reversed up on drought concerns when weather firm Somar reported no rain in the past week in Minas Gerais, Brazil’s main Arabica coffee producing state.
Meanwhile, the London Robusta market has softened when the price structure of the island in the far term is somewhat shrinking, showing that the market is likely to correct in the coming sessions.
Preliminary data reported by the General Department of Vietnam Customs shows that coffee exports in June reached 128,036 tons (equivalent to 2,133,933 bags), up 0.28% year-on-year, bringing exports 6 the first month of this year to a total of 843,319 tons (about 14.06 million bags), down 11.34% compared to exports in the first 6 months of 2020.
English (giacaphe.com)
