Futures markets were relatively quiet ahead of the extended Christmas break, but technical buying supported New York’s Arabica coffee prices to reverse on a very low volume…
Ending the last session of the week, Robusta coffee prices on ICE Europe maintained a mixed trend. The January spot futures increased by $2 to $1,959 per ton, while the futures futures reversed to decline. Specifically, the term for delivery in March decreased by 3 USD, to 1,875 USD/ton and the term for delivery in May decreased by 4 USD, to 1,845 USD/ton, a slight decrease. Trading volume is very low below average.
On the contrary, the price of Arabica coffee on the ICE US exchange reversed to increase. The March spot futures rose 3.10 cents to 172.00 cents/lb and the May delivery futures rose 2.85 cents to 171.60 cents/lb, strong gains. Trading volume is very low below average.
The price of green coffee beans in the Central Highlands provinces decreased by 100 dong, to range from 40,900 to 41,500 dong/kg.
Due to the long Christmas holiday and London closing early, the trading volume on both exchanges was very low last session. However, the two exchanges showed two distinct trends, up in New York and down in London.
At the Conference to summarize the coffee crop year 2021/2022, the Chairman of the Vietnam Coffee and Cocoa Association (Vicofa) said that 1.7 million tons of coffee of all kinds had been exported with a total estimated value of 1. reached $3.9 billion, the highest level in recent crop years. Vicofa strives that in the new crop year 2022/2023, the total export value will exceed 4 billion USD.
Meanwhile, the report of reserve inventories managed and issued by the two exchanges, up to now, is still standing at a multi-year low without showing any signs of improvement, causing speculation to continue maintaining the structure. prolonged inverse price structure to attract traders to bring coffee to two exchanges to participate in auction.
According to many observers, over the past two months, coffee futures prices have shown signs of weakening compared to the previous time, but market trade expects prices to soon improve as central banks continue to raise interest rates. currency to prevent a general global recession.
Market holiday schedule:
- Monday, December 26th, Christmas holiday.
- Tuesday, December 27th, New York floor is open late.
- Wednesday, December 28, the two exchanges are open for normal trading.
English (giacaphe.com)
