Commodity funds increased purchases helped push coffee futures in New York to a 6-week high…
Robusta chart London 7/2022 session on May 27, 2022
At the end of the last trading session of the week, the price of Robusta coffee on the ICE Europe – London floor adjusted down. Futures for spot delivery in July decreased by 10 USD to 2,197 USD/ton and for September delivery decreased by 13 USD to 2,096 USD/ton, slight decreases. Trading volume below average.
On the contrary, the price of Arabica coffee on the ICE US floor – New York continued the recovery. July spot futures added 2.85 cents to 229.45 cents/lb and September futures added 2.90 cents to 2219.70 cents/lb, very strong gains. Trading volume quite above average.
The price of green coffee beans in the Central Highlands provinces increased by 300-400 VND, up to range from 40,800 to 41,400 VND/kg.
The reais rose to a five-week high against the dollar deterred Brazilians from selling the new crop, while increased purchases by commodity funds helped push New York coffee futures to six-week highs. via. According to observers, the main supply of high-quality wet-processed Arabica coffee to the New York floor from the Mexican production block – Central America seems to have been exhausted due to the export promotion during the period of high prices. from the beginning of the year as well as more favorable transportation and delivery from other origins. It is estimated that this production unit supplies high-quality wet-processed Arabica coffee to the global consumption market of approximately 18 million bags per year.
A report from Cecafé – Brazil said that the Conilon Robusta coffee harvest was delayed because scattered rain prevented drying and most importantly, the record production made the warehouses of production cooperatives not available. there is room to load even though the harvest of the crop is not yet complete. Cecafé said that demand for raw coffee for instant coffee production and roasting is also increasing, likely to reach 22.5 million bags this year, so it is also more cautious when selling exported raw coffee. password.
In the first 4 months of this year, Brazil exported 14.1 million bags of 60 kg coffee. This amount of coffee is 10.8% lower than exports in the same period last year, due to the effect of a decrease in coffee production in 2021 and a decrease in domestic inventories in the first months of 2022.
The trading volume was quite low on both exchanges in the last session because most of the European – American investors left the market with an extended weekend break.
Notify: Monday, May 30, Memorial Day of the US, New York market is closed for the whole day, no trading. The London market will close 30 minutes early.
English (giacaphe.com)
